PIA shareholders vote for transfer of operations to its holding company

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24

ISLAMABAD
After carefully deliberating a crucial restructuring proposal, the majority of the shareholders of Pakistan International Airlines Corporation Limited (PIACL) has voted for the transfer of operations to PIA Holding Company Limited (PIAHL), a statement said on Saturday.
“In a pivotal moment, shareholders overwhelmingly endorsed the proposal to transfer operations to the PIAHL, underscoring a vote of confidence in the restructuring efforts aimed at revitalising Pakistan’s flagship airline and positioning it for sustained growth in the competitive aviation landscape,” the PIA communique said.
It said the annual extraordinary general meeting witnessed the participation of key stakeholders, including the Federal Secretary, Aviation Secretary, legal advisors, financial experts and the CEO of PIA, alongside all directors and shareholders.
The primary agenda of the meeting was the proposed transfer of operations from the PIACL to the PIAHL. The shareholders extensively discussed the matter, emphasising the potential benefits and risks associated with the restructuring.
The meeting was told that the company has started posting operating profits after thirteen years. The impressive financial performance was attributed to strategic initiatives undertaken by the administration in response to shareholder feedback.
Furthermore, shareholders witnessed a remarkable 700% surge in PIA’s business, signalling optimism and confidence in the airline’s future trajectory.
Following the completion of the International Aviation Safety Assessment (IASA) audit, the PIA unveiled plans to commence operations in Europe and Britain from June 2024, demonstrating its commitment to global expansion and service excellence.
The government’s unwavering commitment to PIA’s revival was palpable throughout the meeting, with senior government officials actively participating to ensure stringent measures were in place for the airline’s improvement, the statement said.