The Securities and Exchange Commission of Pakistan (SECP) has formally approved the restructuring of Pakistan International Airlines Corporation Limited (PIACL).
A press release from the Privatization Commission confirmed the legal division of PIACL, an intricate process completed with SECP’s May 3 approval. This Scheme of Arrangement facilitates the transfer of non-essential assets and debts to PIA Holding Company Limited.
The SECP’s approval is an outcome of efforts of the Privatisation Commission, Finance Division, Aviation Ministry, and PIA to reform the airline. As noted in the release, the plan was activated on April 30, 2024.
The Securities and Exchange Commission of Pakistan (SECP) has directed the Pakistan Stock Exchange (PSX), Central Depository Company (CDC), and National Clearing Company of Pakistan (NDCP) to ensure a seamless introduction of PIA Holding Company Limited by established regulations.
Furthermore, the privatization of PIA is progressing, with ten entities expressing interest last week. These include three local aviation firms. Companies like Fly Jinnah, AirSial, and several conglomerates have submitted bids for a majority stake in PIA.
The deadline for submitting bid proposals for PIA’s privatization, originally set for today, has been extended to May 18, providing potential buyers additional time to refine their proposals.
