RAWALPINDI: The federal cabinet has approved the board of PIA Holding Company, and former State Bank governor Tariq Bajwa has been appointed as its chairman.

The federal cabinet, through circulation on Tuesday, gave the nod to the 11-member board, according to sources.

The move is being hailed as a significant development in the national carrier’s privatisation process as its liabilities and assets will be transferred to the holding company, which will be registered with the Securities and Exchange Commission of Pakistan.

The board will include seven independent directors and four government officials.

The majority of the independent directors are heads of commercial banks, including Atif Aslam Bajwa and Shahzad Dada, the CEOs of Bank Alfalah and United Bank Limited,........

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