February 06, 2024 (MLN): The federal cabinet has approved the restructuring of Pakistan International Airlines (PIA) on the recommendation of the Privatization Commission.
PIA will be bifurcated into two units, with the first unit handling operations, engineering, ground operations, cargo, flight kitchen, and training.
Meanwhile, the Precision Engineering Complex, PIA Investment Ltd, and other operations will be under the second holding company.
To note, PIA had been facing losses for many years. The company had liabilities of Rs785bn ($2.81bn) and accumulated losses of Rs713bn as of June last year. Its CEO has said losses in 2023 were likely to be Rs112bn.
The Federal cabinet has also approved privatization of First Women Bank Limited (FWBL).
The Government of Pakistan owned the majority shareholding (82.64%) in the bank, while the remaining shares are held by the five major commercial banks, namely NBP, HBL, MCB, UBL, and ABL.
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Posted on:2024-02-06T19:41:41+05:00
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