PIA Privatization Approved by Airline's Board of Directors Meeting

[arshad.altaf]

PIA privatisation plan approved by newly formed board

KARACHI: The privatisation and restructuring plan of Pakistan International Airlines (PIA) on Tuesday was approved by its board of directors which was recently constituted.

The 83rd meeting of the PIA's board of directors was held on March 25 during which the scheme of arrangement for the airline's privatisation and restructuring was approved, as per the official announcement.

The board of directors will coordinate with the Securities and Exchange Commission of Pakistan (SECP), said the statement.

Meanwhile, as per the sources, the plan also discussed different proposals regarding the future of the organisation's employees.

The government had appointed Ernst & Young — a global financial advisory firm — to prepare the plan for the loss-making firm which completed its task during the caretaker setup.

The International Monetary Fund (IMF) has asked the Pakistani authorities to privatise the bleeding state-owned enterprises to revitalise the sick economy.

Under the E&Y plan — presented before the board — the voluntary retirement scheme was also discussed, the sources said, adding that the transaction advisor has also proposed to retire the employees who have 4 years of service left.

It is important to mention that the PIA's BoD has been inactive since October 2023 and the federal cabinet recently approved its reconstitution as it is mandatory to seek its approval for the major decisions regarding the company.

https://www.geo.tv/latest/536534-pia-pr ... rmed-board

[Abbas Ali]

PIA Board of Directors 83rd meeting held on March 25, 2024, approved the Scheme of Arrangement (SOA) for restructuring and privatization of Pakistan International Airlines Corporation Limited (PIACL) along with its ancillary modalities to be filed with Securities & Exchange Commission of Pakistan (SECP).



Abbas

[faisal-777]

So now who else is supposed to approve?

[Karachi Aviator]

A liability free PIA is very attractive for foreign investors given the potential of Pakistani market and the Pakistani diaspora around the world.

[Hassan777]

A liability free PIA is very attractive for foreign investors given the potential of Pakistani market and the Pakistani diaspora around the world.

I really hope anyone but someone from the gulf ends up buying PIA, but I have a bad feeling about this, the politicians and the uniformed politicians want to sell everything to the Shiekhs . PIA might sadly become a tool for them to please them for personal benefits.

PIA’s slots are what the Gulf investors would be after (as mentioned in the forum before) and with the Saudis launching Riyadh Air they would leap to get those slots.

May God Save PIA.

[faisal-777]

A liability free PIA is very attractive for foreign investors given the potential of Pakistani market and the Pakistani diaspora around the world.

I really hope anyone but someone from the gulf ends up buying PIA, but I have a bad feeling about this, the politicians and the uniformed politicians want to sell everything to the Shiekhs . PIA might sadly become a tool for them to please them for personal benefits.

PIA’s slots are what the Gulf investors would be after (as mentioned in the forum before) and with the Saudis launching Riyadh Air they would leap to get those slots.

May God Save PIA.

All partnerships of Gulf airlines with ailing European carriers have ended in disaster, so i second your thought here.

Perhaps a buyer from Türkiye could look like a better option. Dont think that Europeans owning is even possible or good, they barely manage their own airlines.

[Hassan777]

All partnerships of Gulf airlines with ailing European carriers have ended in disaster, so i second your thought here.

Perhaps a buyer from Türkiye could look like a better option. Dont think that Europeans owning is even possible or good, they barely manage their own airlines.

I hope so too, Turkish investors are a great option. Who knows maybe we’ll see PK-TK 2.0