AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, In a significant move towards restructuring, shareholders of Pakistan International Airlines Corporation Limited (PIACL) approved a corporate reorganization plan during an Extraordinary General Meeting (EOGM) held on April 20, 2024. The resolution passed unanimously involves dividing the company’s operations into two distinct segments: the Core Undertaking and the Non-Core Undertaking.
The scheme of arrangement, initially approved by the Board of Directors on March 25, 2024, and filed with the Securities and Exchange Commission of Pakistan (SECP), sets forth the separation of PIACL’s business activities into essential and non-essential functions. The Non-Core Undertaking will be transferred to and vested in PIA Holding Company Limited, effective from a date specified in the scheme.
The resolution also empowers the Chief Executive Officer and the Company Secretary to handle all necessary legal and regulatory procedures to implement the restructuring. This includes signing and issuing necessary documents, obtaining no objection certificates from relevant parties, and ensuring compliance with all regulatory requirements, including filings with the SECP.