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PIA introduces connected flights between Pakistan, China
LatestBusiness

SECP paves way for privatization of PIA

Assets, losses and liabilities of PIA Corporation Limited now stand transferred to the PIA holding company.

By Faiz Paracha

ISLAMABAD: The Securities and Exchange Commission of Pakistan has paved the way for the privatization of Pakistan International Airline (PIA) by approving its restructuring plan.

According to a statement issued by the SECP, the commission at its recent meeting approved the scheme of arrangement for the privatization of the national flag carrier. The SECP has also informed the stock exchange about the decision.

According to the statement, all the assets, liabilities etc., of the PIA Corporation Limited have been transferred to the PIA holding company. The ministries of law and privatization have also been informed about the SECP approval, it added.

For years, PIA has been facing financial crisis with its losses running into billions of rupees. The national flag carrier faced such a grim situation because of mismanagement and illegal abd backdoor appointments by successive governments.

Faiz Paracha

Faiz Paracha, an esteemed broadcast journalist with over two decades of experience, excels in reporting and editorial positions. His expertise lies in the economy and energy sectors, where he has delivered thorough coverage and valuable insights.

Currently serving as the Head of Reporting at News Diplomacy, Faiz manages coverage related to diplomatic missions, international development organizations, the United Nations, and foreign affairs. His diverse interests encompass environmental and climatic issues, alongside his profound knowledge of business, economy, and energy.

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