Islamabad February 20 2024: Federal Cabinet approved the Legal Segregation Plan and Scheme of Arrangement for Pakistan International Airlines Corporation Limited and has directed the Aviation Division and PIACL to undertake required corporate and regulatory actions to implement the said Scheme of Arrangements.
The Federal Cabinet in its meeting held on August 09, 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.
The Financial 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 06, 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 Arrangements.
