ISLAMABAD: The Privatization Commission has appointed a Financial Advisory Consortium as Financial Advisor for the divestment of Pakistan International Airlines Corporation Limited (PIACL).
According to a letter, available with WENEWS, the Privatization Commission has appointed a Financial Advisory Consortium led by M/s EY Consulting LLC, Dubai, as the Financial Advisor for the divestment of PIACL.
It added “Federal Cabinet on Monday approved the inclusion of Pakistan International Airlines Corporation Limited (PIACL) in the Active Privatization Program. Following the decision, on October 11, 2023, in accordance with the Cabinet’s approval, the Privatization Commission appointed a Financial Advisory Consortium led by M/s EY Consulting LLC, Dubai, as the Financial Advisor for the divestment of PIACL.”
“After conducting due diligence, the Financial Advisor proposed a Legal Segregation Plan for PIACL and drafted a Scheme of Arrangement (SOA)” it said.
“This same proposal was presented to the Federal Cabinet for consideration and approval. Subsequently, during its meeting on February 6, 2024, the Federal Cabinet approved the proposed Legal Segregation Plan and Scheme of Arrangement.”
It added that the Cabinet directed the Aviation Division and PIACL to undertake the necessary corporate and regulatory actions to implement the approved Scheme of Arrangement.
