PIA-HoldCo scheme of arrangement secures regulatory approval

By MG News | May 07, 2024 at 02:47 PM GMT+05:00

0:00

May 07, 2024 (MLN): Following the Competition Commission of Pakistan (CCP)'s authorization, the Securities and Exchange Commission of Pakistan has also approved the Scheme of Arrangement between Pakistan International Airlines Corporation Limited (PIA) and PIA Holding Company Limited (HoldCo).

Earlier this year, the Federal Cabinet approved the legal segregation plan of PIA and the Scheme and, inter alia, directed the Aviation Division, PIA, and HoldCo to undertake the required corporate and regulatory actions to implement the Scheme.

Last month, the scheme was also approved by the shareholders and creditors of PIA.

The restructuring entails legal separation of PIA's core aviation business from its non-core activities and the transfer of its non-aviation-related business from PIA into Holdco.

The approval of the scheme paves the way for Holdco to own 100% shareholding in PIA and simultaneous issue and allot shares to the qualifying shareholders of PIA.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	130,344.03 345.79M	1.67% 2144.61
ALLSHR	81,023.99 1,021.87M	1.55% 1236.37
KSE30	39,908.26 141.62M	2.05% 803.27
KMI30	189,535.00 150.29M	1.40% 2619.39
KMIALLSHR	54,783.66 508.76M	1.07% 581.78
BKTi	34,940.73 55.86M	4.37% 1464.05
OGTi	28,296.06 16.02M	1.19% 333.47

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	108,005.00	108,430.00 105,440.00	2255.00 2.13%
BRENT CRUDE	67.89	68.10 66.94	0.78 1.16%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	0.75 0.78%
ROTTERDAM COAL MONTHLY	109.20	110.00 109.20	1.70 1.58%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.23	66.43 65.23	0.78 1.19%
SUGAR #11 WORLD	15.72	15.97 15.72	0.02 0.13%