ISLAMABAD: The Board of Privatisation Commission (PC) approved on Tuesday the transaction structure and the legal segregation (scheme of arrangement) of Pakistan International Airlines Corporation Ltd (PIACL), which will now be placed before the Cabinet Committee on Privatisation for a final decision, to be followed by approval of the Federal Cabinet.

The meeting chaired by Minister for Privatisation FawadHasan Fawad also approvedtheproposalfor the divestment of majority shares of PIACL.

The legal segregation proposed by the financial advisers for divestment is aimed at the separation of core aviation business and assets for the eventual divestment of core aviation services in the first stance.

The non-core assets will be retained in a holdco structure for subsequent divestment in separate structures and transactions.-Reporter