Shareholders of PIA Holding Company Limited have approved the divestment of a 75 percent stake in Pakistan International Airlines Corporation Limited (PIACL), marking a significant step forward in the national carrier’s privatization process.
The approval was granted through a resolution passed at an Extraordinary General Meeting held on April 6, formally authorizing the transaction framework for transferring majority ownership.
Under the approved plan, the divestment will be executed through a combination of direct share transfer and dilution of existing shareholding via fresh equity subscription by PIA Equity Limited. The structure allows the incoming investor to acquire controlling interest while injecting new capital into the airline.
Shareholders also endorsed provisions enabling the potential sale of the remaining 25 percent stake at a later stage. If PIA Equity Limited exercises its call option under the Share Purchase and Subscription Agreement and all required conditions are fulfilled, the company will be obligated to transfer the residual shares, paving the way for complete divestment of PIACL.
To facilitate implementation, the Chief Executive Officer and Company Secretary have been authorized to finalize and execute all agreements, regulatory filings, and transaction documents necessary to complete the divestment process.
