PIA converted into public limited company, joint sitting passes Bill

ISLAMABAD (Web Desk) - The joint session of the Parliament Monday passed a much awaited bill to convert Pakistan International Airline (PIA) into a public limited company (The Pakistan International Airlines Corporation (conversion) Bill,2016 with some amendments unanimously.

Minister for Law and Justice Zahid Hamid moved the PIA (conversion) Bill, 2016 in the House.

The main purpose of converting PIA into a limited company is to attract strategic partners and to provide quality of services to the people of Pakistan.

Earlier, in last joint session of the Parliament a 10-member special committee was constituted by the Speaker National Assembly Sardar Ayaz Sadiq on demand of the Opposition to make consensus on the bill.

The Special Committee in its meeting on April 6 reached consensus on the bill and it was decided that the government would sell as much as 49% of the shares of PIA while the remaining 51pc shares would remain with the government.

Likewise, the administrational control of the institution will also not be handed over to the shareholders.

The management of PIA will remain with the Board of Governors however representation within the Board of Governors will be given in accordance with the percentage of shares.

It was also decided in the committee that by converting PIA into a limited company, no impact will take place on the salaries and pensions of the PIA employees and that the assets of the institution will not be sold as well.