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KARACHI:
The Board of Directors (BoD) of Pakistan International Airlines Corporation Limited (PIA) has given its in-principle approval to a special subsidy for the Engineering and Maintenance Division of PIA in view of the ongoing privatization process.
According to a statement issued on Friday, the BoD also reviewed the proposal regarding the transfer of PIA assets to a government-owned PIA holding company.
It also approved measures related to aircraft repair, engine procurement and spare parts procurement, to support the airline’s current operational requirements and next year’s operational plan.
The board directed management to ensure timely completion and implementation of all pending regulatory and operational approvals in preparation for the privatization of the airline.
At its 94th meeting on Thursday, the Board of Directors praised the airline’s management for its continued efforts that led to the removal of EU and UK flight restrictions, a historic achievement after almost five years.
The board also appreciated the airline’s overall performance, in terms of maintaining schedule integrity and aircraft maintenance turnaround times to serve the major Paris, Manchester and Toronto routes.
