The Securities and Exchange Commission of Pakistan (SECP) has approved the reorganization of Pakistan International Airlines Corporation Limited (PIACL).
According to a statement issued by the Commission, the legal separation of PIACL was the most complex task in relation to the reorganization of the airline, which has now been finalized.
The statement further said that under the approved scheme of arrangements scheduled for May 3, 2024, SECP has granted approval for the transfer of PIACL’s non-core assets and liabilities to PIAC Holdings Company Limited.
It was also mentioned that this directive from the SECP, Finance Division, and Ministry of Aviation and Pakistan International Airlines marks an important milestone in their joint efforts for the reorganization of the national airline. The scheme was made effective from April 30, 2024.
SECP has directed PSX, CDC, and NCCPL to ensure the listing of PIAC Holdings Company Limited in compliance with applicable rules and regulations.