The federal cabinet has approved an 11-member Board of Directors (BoD) of the Pakistan International Airlines holding company as the government expedites the PIA privatization process, ARY News reported.
Former State Bank of Pakistan Governor Tariq Bajwa’s name was approved as the chairman of the BoD which will include as many as seven independent directors and four government officials as members of the board.
The PIA holding company has also been registered with the NCB after which all of the national flag carrier’s debts and assets will be moved to the holding company.
Reports had said that the Securities and Exchange Commission of Pakistan (SECP) regulations made it mandatory to obtain approval from the board for decisions regarding the PIA.
Read more: PIA privatization: Govt forms new board of directors
Earlier today, PIA restructured its board of directors to expedite the process of privatization of the national flag carrier.
The appointment of the 11-member board was confirmed by the flag carrier via formal communication to the main bourse on Monday.
This reshuffle introduces mostly fresh faces to the PIA board. They include Dr. Aqdas Afzal, Sahibzada Rafat Raoof Ali, Haaris M. Chaudhry, Nadeem Karamat, and Tahira Raza.
