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PIA Board of Directors approves govt plan for airline’s privatization

By News Desk

March 26, 2024 11:08 AM


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The Board of Directors (BoD) of Pakistan International Airlines (PIA) has approved the government’s plan to privatize the airline, reported 24NewsHD TV channel on Tuesday.

Quoting its sources, the channel reported the approval was given at the Board’s four-hour-long meeting at which suggestions concerning the future of the airline’s employees also came under discussion.

Sources disclosed that the meeting discussed the proposal of retiring those PIA employees, who had only four years left in service.

Similarly, the meeting also discussed the idea of offering to the employees the option of retiring voluntarily ahead of the entity’s privatization.

A briefing was given at the meeting, sources revealed, on the report compiled by Ernst & Young, a financial advisor.

It is worth mentioning here that the PIA’ BoD had been dysfunctional since October 2023, and it was only a few days ago that the federal cabinet had approved the constitution of the new Board.

Under the SECP laws, it is mandatory to seek the Board’s nod before taking any decision concerning the fate of the national flag carrier.

 

Reporter: Saeed Ahmad Saeed


News Desk


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