Milestones achieved in restructuring of PIACL

NationalMilestones achieved in restructuring of PIACL

ISLAMABAD, Pakistan: Two significant milestones were achieved in the restructuring of the Pakistan International Airlines Corporation Limited (PIACL) on April 20 and 21, 2024 as the shareholders and creditors of PIACL approved the Scheme of Arrangement (SoA) filed with the Securities & Exchange Commission of Pakistan (SECP).

As a part of the privatization process, the Federal Cabinet approved legal segregation and restructuring of PIACL following which a Scheme of Arrangement was filed in SECP on March 28, 2024.

   

As regulatory requirement by the SECP to restructure the PIACL, the SoA was required to be approved by the shareholders and creditors of the PIACL.

The blue print of the restructuring was presented to the shareholders of PIACL during the Extra Ordinary General Meeting held on April 20, 2024 which was overwhelmingly approved by the Shareholders with 99.97% votes casted favour.

Likewise, in the meeting of PIACL creditors held on April 21, 2024, the restructuring plan and SoA was endorsed. Thus, satisfying two major requirements for processing of SoA by the SECP.

The restructuring will deliver a significantly debt-lite PIA with better cash flows, focusing on aviation and providing foundation for future growth to potential investors while ensuring value creation for shareholders.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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