The privatization journey of Pakistan International Airlines Corporation Limited (PIACL) has achieved a significant milestone with the Competition Commission of Pakistan (CCP) granting approval to the Scheme of Arrangement (SOA).
This approval marks a crucial advancement in PIACL’s restructuring process, setting the stage for subsequent approval from the Securities and Exchange Commission of Pakistan (SECP). Upon completion, it will formalize the transfer of ancillary assets and liabilities to the newly established PIA Holding Company Limited, laying the groundwork for a streamlined PIACL with reduced debt burdens.
The privatization of PIACL has garnered substantial interest from prominent investors, including airlines and corporate entities, who have submitted expressions of interest for the transaction. In response to this interest, the Privatization Commission (PC) has extended the deadline for the submission of Statement of Qualification (SOQ) to 17th May 2024, aiming to ensure a robust and equitable bidding process conducive to a successful privatization outcome.
