ISLAMABAD – Federal Cabinet in its meeting held on August 8, 2023 had approved listing of Pakistan International Airlines Corporation Limited (PIACL) in the active Privatization Program. Subsequently, in line with the federal cabinet’s approval dated October 11,2023, the Privatization Commission had appointed Financial Advisory Consortium led by M/s EY Consulting LLC, Dubai, as Financial Advisor for divestment of PIACL.
FA Advisor, after conducting due diligence, proposed a legal segregation plan for PIACL and drafted a scheme of arrangement (SOA). The same was placed before the Federal Cabinet for its consideration and approval. The federal cabinet in its meeting held on February 6, 2024, while approving the proposed legal segregation plan and scheme of arrangement, has directed the Aviation Division and PIACL to undertake required corporate and regulatory actions to implement the said scheme of arrangement.
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