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PIA converted into a limited company as president promulgates

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ISLAMABAD: Chairman of Pakistan International Airline (PIA) said govt is about to privatize the company as PIA unions representatives were invited for talks, the company’s yearly lose increasing and govt denies another bailout package.

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The chairman of country’s leading Airline Company Naseer N Jaffery said Pakistan International Airlines Corporation (PIAC) has now been changed into a public limited corporation as Pakistan International Airlines Company Limited (PICL) with immediate effect.

“The decision has been taken by the federal government through an ordinance under the companies Act 1984 to convert the national flag carried PIA into a public limited company, which will now be registered with the Securities and Exchange Commission of Pakistan (SECP),” said the PIA chief during a press conference on Sunday.

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As he stated, “PIACl has succeeded to all the assets, liabilities, duties and obligations of PIAC. Similarly, PIACL is now entitled to the benefit of all notifications, licences, permissions, sections, authorizations, concessions, decrees, international air service authorizations, agreements, orders and benefits issued or granted in favor of PIAC.”

“All stakeholders, employees of every grade and category of PIAC are hereby assured that they stand transferred under the ordinance to PIACL with the same designation and on the same terms and conditions as they held in PIAC,” added the chairman.

Meanwhile, the president Mamnoon Hussain announced the ordinance for the conversion of PIA into a company, smoothing the ways for the sale of its 26 per cent shares to a strategic partner to pursue an ambitious privatization plan.

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