Govt Approves Incorporation of PIA Holding Company Limited to Expedite Privatization Process

The federal government has approved the incorporation of Pakistan International Airline (PIA) Holding Company Limited as a new company to expedite the privatization plan of the national flag carrier According to a notification issued by the Aviation division, the federal government has approved the incorporation of a company namely “PIA Holding Company Limited” to be wholly owned by the government of Pakistan with an authorized capital of Rs. 53.3 billion. The federal government has nominated Secretary Aviation, Secretary Finance, and Secretary Privatization as promoters, subscribers, and first directors with each holding one share in the newly formed company. They shall carry out the necessary formalities to incorporate the company. The federal government has appointed 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 privatize the PIA during this fiscal year.