Govt approves holding company to privatise PIA

ISLAMABAD: The Federal government has approved the incorporation of Pakistan International Airline (PIA) holding company limited as a new company to expedite the privatisation plan of the national flag carrier.

According to a notification issued by the Aviation division, the federal government is pleased to approve the incorporation of a company namely “PIA Holding Company Limited” to be wholly owned by the government of Pakistan with an authorised capital of Rs53.3 billion.

The federal government is also pleased to nominate Secretary Aviation, Secretary Finance and Secretary Privatisation as promoters, subscribers and first directors each holding one share in the newly formed company.

They shall carry out the necessary formalities to incorporate the company. The federal government is further pleased to appoint the Chief Executive Officer of PIA as the first CEO of the newly formed company.

Sources said that the government has committed to the International Monetary Fund that it will privatise the PIA during this fiscal year.