{"id":75481,"date":"2024-03-26T04:26:03","date_gmt":"2024-03-26T04:26:03","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/pia-privatisation-plan-approved-by-bod\/"},"modified":"2024-03-26T04:26:03","modified_gmt":"2024-03-26T04:26:03","slug":"pia-privatisation-plan-approved-by-bod","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/pia-privatisation-plan-approved-by-bod\/","title":{"rendered":"PIA privatisation plan approved by BoD"},"content":{"rendered":"
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KARACHI: The Board of Directors of Pakistan International Airlines (PIA) has okayed the government\u2019s plan for privatisation of the national flag carrier, ARY News reported, citing sources.<\/strong><\/p>\n

According to reports, the newly formed PIA\u2019s Board of Directors gave the nod for privatisation after a lengthy four-hour session.<\/p>\n

Sources have revealed that under the Securities and Exchange Commission of Pakistan (SECP) regulations, it is mandatory to obtain approval from the board for decisions. The meeting also discussed proposals regarding the future of employees.<\/p>\n

Recommendations to retire employees who have only left four years of service have been put forward, and proposals for voluntary retirement before the PIA privatisation were also considered.<\/p>\n

Read more: PIA privatization: Govt forms new board of directors<\/a><\/strong><\/em><\/p>\n

Furthermore, it was reported that the meeting was briefed on the company\u2019s report by financial adviser Ernest Young regarding the privatisation<\/a>.<\/p>\n

It should be noted that the PIA Board had been inactive since October 2023. The federal cabinet had approved the new PIA Board of Directors\u2019 formation a few days ago.<\/p>\n

The government has already initiated the process to delegate the operations and management of Karachi, Islamabad, and Lahore airports \u2013 with the aim of generating foreign exchange to support the economy.<\/p>\n<\/div>\n<\/div>\n