AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, The Securities and Exchange Commission of Pakistan (SECP) has granted approval to the Scheme of Arrangement between Pakistan International Airlines Corporation Limited (PIACL) and PIA Holding Company Limited (PIAHCL), as detailed in the documentation provided by the Pakistan Stock Exchange (PSX). The approval, dated May 03, 2024, paves the way for the re-organization of PIACL under the new holding structure with PIAHCL.
The approved documents, including the Scheme of Arrangement, were officially endorsed by SECP and have been circulated to relevant parties, including the TRE Certificate Holders of the Exchange. This approval follows the application under sections 279 to 283 and 285(8) of the Companies Act, 2017, which is aligned with the S.R.O. No. 1351(1)/2023 issued by the Federal Government.
According to information available from the Pakistan Stock Exchange (PSX), this move marks a significant step in the restructuring efforts of PIACL, aiming to streamline operations and enhance organizational efficiency through its alignment with PIAHCL.