Securities and Exchange Commission of Pakistan (SECP) - https://www.secp.gov.pk/ - has approved the Scheme of Arrangement (SoA) between Pakistan International Airlines Corporation Limited (PIACL) and PIA Holding Company Limited.
The legal segregation of PIACL, one of the most complex restructuring exercise undertaken, has attained finality, with the SECP giving its approval to the Scheme of Arrangement (SoA) on May 3 for the transfer of non-core assets and liabilities of PIACL to PIA Holding Company Limited.
The approval of the scheme paves the way for PIA Holding Company Limited to own 100% shareholding in PIACL and simultaneous issue and allot shares to the qualifying shareholders of PIACL.
This order marks a significant milestone in the collaborative efforts of the Privatization Commission, Finance Division, Aviation Ministry and PIA to restructure the airline.
The scheme has been made effective from April 30, 2024.
SECP has directed Pakistan Stock Exchange (PSX), Central Depository Company (CDC) and National Clearing Company of Pakistan Limited (NCCPL) to ensure smooth listing of PIA Holding Company Limited as per applicable rules and regulations.
