The Federal Cabinet has given its nod to the formation of the board for the newly established PIA Holding Company, marking a significant step forward in the privatization process of Pakistan International Airlines (PIA).
Air Marshal Aamir Hayat has been appointed as the inaugural CEO of the company, following the cabinet's approval of the eleven-member board.
This crucial decision was reached through a circular resolution from the cabinet, granted under the special authority of Prime Minister Shehbaz Sharif.
The board comprises former State Bank Governor and Finance Secretary Tariq Bajwa as its Chairman, along with seven independent directors and four government officials.
Among the independent directors are prominent figures from the banking sector, including Atif Aslam Bajwa and Shehzad Dada. Meanwhile, the government representatives on the board include the Secretary of Aviation, Finance, Privatization, and the Planning Commission.
As part of the transition, the assets and liabilities of PIA will be transferred to the newly formed holding company. Additionally, the registration of the PIA Holding Company with the Securities and Exchange Commission of Pakistan (SECP) is underway, signaling the formal commencement of its operations.
