According to sources, the newly created PIA Board of Directors approved privatisation following a protracted four-hour meeting.
According to sources, under Securities and Exchange Commission of Pakistan (SECP) standards, actions must be approved by the board. The meeting also covered recommendations for the future of staff.
Recommendations to retire staff after only four years of service have been made, as well as ideas for voluntary retirement prior to the PIA privatisation.
Furthermore, according to reports, financial adviser Ernest Young informed the meeting on the company’s privatisation report.
It should be noted that the PIA Board has remained inactive since October 2023. Several days ago, the federal cabinet approved the formation of the new PIA Board of Directors.
The government has already begun the process of delegating the operations and management of Karachi, Islamabad, and Lahore airports, with the goal of producing foreign cash to boost the economy.
