ISLAMABAD: The board of directors of the national airline PIA has approved the reorganization and privatization of the company.

According to the announcement of the PIA Board of Directors, the 83rd meeting of the Board was held on March 25 in which the scheme of arrangement for the restructuring and privatization of PIA was approved.

According to the announcement, the Board of Directors of PIA will coordinate with the Securities and Exchange Commission (SECP) and for this, it has been decided to submit the privatization plan of PIA to the SECP.

According to the sources, the PIA Board while approving the establishment of two companies also approved the division of the institution into PIAC and PIA Holding.

Sources say that in the board meeting, the suggestions regarding the future of PIA employees were also considered and it was also suggested to retire those employees who have completed 4 years of service.

According to sources, the proposal of voluntary retirement was also considered before the privatization of PIA.