The Federal Cabinet has approved the formation of the Board of Directors of the newly established holding company PIA, marking a major step forward in the process of privatization of Pakistan International Airlines (PIA).

Air Marshal Aamir Hayat has been appointed as the inaugural CEO of the company following Cabinet approval of the eleven-member board.

This major decision was reached through a Cabinet Circular Resolution, granted under the special authority of Prime Minister Shehbaz Sharif.

The board comprises former state bank governor and finance minister Tariq Bajwa as its chairman, along with seven independent directors and four government officials.

Among the independent directors are prominent figures from the banking sector, including Atif Aslam Bajwa and Shehzad Dada. Government representatives on the board include the Minister of Aviation, Finance, Privatization and the Planning Commission.

As part of the transition, PIA’s assets and liabilities will be transferred to the newly established holding company. In addition, the registration of PIA’s holding company with the Securities and Exchange Commission of Pakistan (SECP) is underway, signaling the formal commencement of its operations.