ISLAMABAD: The federal cabinet has announced the formation of a seven-member Board of Directors (BoD) for the Pakistan International Airline (PIA) holding company, as part of the government’s efforts to accelerate the privatization process of PIA.

Aslam R. Khan has been nominated as chairman of the BoD, a decision that was ratified earlier.

The BoD of the holding company will include secretaries from the privatization, finance, and aviation divisions, along with the CEO of PIA. It has been reported that the regulations of the Securities and Exchange Commission of Pakistan (SECP) necessitate obtaining approval from the board for decisions concerning PIA.

Earlier, PIA revamped its board of directors to facilitate the privatization process of the national flag carrier.

The appointment of the 11-member board was officially communicated by PIA to the main bourse on Monday.

This reshuffling of the board introduces mostly new members, including Dr. Aqdas Afzal, Sahibzada Rafat Raoof Ali, Haaris M. Chaudhry, Nadeem Karamat, and Tahira Raza.