Securities and Exchange Commission of Pakistan (SECP) has given the green light for the restructuring of Pakistan International Airlines Corporation Limited (PIACL).
A press release from the Privatization Commission on Sunday announced the completion of the legal separation of PIACL, marking the finalization of one of the most intricate restructuring endeavors. SECP’s approval of the Scheme of Arrangement on May 3 facilitates the transfer of non-core assets and liabilities of PIACL to PIA Holding Company Limited.
This development signifies a significant achievement resulting from the concerted efforts of the Privatisation Commission, Finance Division, Aviation Ministry, and PIA to revamp the airline. The scheme has been retroactively effective from April 30, 2024, as per the press release.
SECP has instructed the PSX, Central Depository Company, and National Clearing Company of Pakistan to ensure the seamless listing of PIA Holding Company Limited in compliance with relevant rules and regulations.
In parallel, last week, reports emerged indicating the interest of ten companies in acquiring majority stakes in Pakistan International Airlines (PIA). Among them are three domestic aviation firms, including Fly Jinnah, AirSial, and a consortium led by Arif Habib Group. Additionally, Tabba, Tariq Group, Sehgal Group, and others have expressed interest in acquiring substantial shares in PIA.
Originally set for May 3, the deadline for PIA privatization has been extended to May 18, allowing these companies ample time to finalize their proposals.
