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.
