The divestment of 75 percent of Pakistan International Airlines Corporation Limited has been formally approved after shareholders of PIA Holding Company Limited (PIAHCL) passed the resolution at an Extraordinary General Meeting held on April 6.
Under the approved resolution, the transaction will be carried out through a combination of direct transfer of shares and dilution of existing shareholding through fresh subscription by PIA Equity Limited.
The company also secured approval for the potential future sale of the remaining 25 percent stake, in case PIA Equity Limited exercises its call option under the Share Purchase and Subscription Agreement.
Once the option is exercised and the applicable conditions are met, the company will be obligated to transfer the residual shareholding as well, effectively allowing a complete divestment of PIACL.
The Chief Executive Officer and Company Secretary have been authorized to finalize, execute, and deliver all agreements and transaction documents required for completion of the divestment process.
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