This order marks a significant milestone in the collaborative efforts of the Privatisation Commission , Finance Division, Aviation Ministry and PIA to restructure the airline       This picture released on February 9, 2023, shows Pakistan International Airlines (PIA) aircraft parked inside a shade in Nur Khan Engineering Complex in Islamabad. — X/@PIA

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved the restructuring of Pakistan International Airlines Corporation Limited (PIACL).

According to a press release issued by the Privatization Commission on Sunday, the legal segregation of PIACL, one of the most complex restructuring exercise undertaken, has attained finality, with the SECP giving its approval of the Scheme of Arrangement on May 3 for the transfer of non-core assets and liabilities of PIACL to PIA Holding Company Limited.

This order marks a significant milestone in the collaborative efforts of the Privatisation Commission , Finance Division, Aviation Ministry and PIA to restructure the airline.

The scheme has been made effective from April 30, 2024 the press release added.

The SECP has directed the PSX, Central Depository Company and National Clearing Company of Pakistan to ensure smooth listing of PIA Holding Company Limited as per the applicable rules and regulations.