KARACHI: The board of the newly established PIA Holding Company has endorsed the Scheme of Arrangement delineating the pathway for the privatisation of Pakistan International Airlines.

The inaugural board meeting, convened at the Secretary Aviation’s Office in Islamabad, has marked the official commencement of the company’s operations.

Formally endorsed by the Federal Cabinet on March 20, 2024, the government swiftly appointed its Board of Directors on March 26, 2024.

Board gives nod to PIA privatisation plan

Notably, Tariq Bajwa, a distinguished figure in financial circles with illustrious roles such as the Governor of State Bank and Federal Secretary Finance to his credit, assumed the pivotal role of Chairman of the Board. Concurrently, AVM Amir Hayat, the current CEO of Pakistan International Airlines Corporation (PIACL), was designated as the First CEO of the new entity.

The board in its first meeting held on March 27, 2024, endorsed the Scheme of Arrangement delineating the pathway for the privatization of Pakistan International Airlines.

This comprehensive scheme, already receiving the stamp of approval from both the Federal Cabinet and the PIACL Board, sets the stage for the next chapter of the national carrier.

Additionally, the board meticulously deliberated on various strategic facets of the business, thereby laying down the groundwork for the efficient functioning of the holding company.

Copyright Business Recorder, 2024