The legal segregation of PIACL, one of the most complex restructuring exercises ever carried out, has reached finality, according to a press release released by the Privatisation Commission on Sunday. This is because the SECP approved the Scheme of Arrangement on May 3 for the transfer of PIACL’s non-core assets and liabilities to Pica Holding Company Limited.
The Privatisation Commission, Finance Division, Aviation Ministry, and PIA have been working together to reform the airline, and this order represents a major turning point in that work.
Additionally, the press release said that the plan went into effect on April 30, 2024.
The PSX, Central Depository Company, and National Clearing Company of Pakistan have been instructed by the SECP to enable the seamless listing of PIA Holding Company Limited in accordance with the relevant laws and guidelines.
