PESHAWAR, 6 December: President Mamnoon Hussain has promulgated an ordinance under which the Pakistan International Airlines Corporation (PIAC) has been converted into a company governed by the Companies Ordinance, 1984.

The new entity will be called Pakistan International Airlines Corporation Limited (PIACL). Nasser Jaffer, Chairman PIA said at a Press Conference on Sunday that all the employees will remain on their posts under the ordinance. He said the PIACL has succeeded to all the assets, liabilities, duties and obligations of PIAC.

Mr Jaffer said PIACL is now entitled to the benefit of all notifications, licenses, permissions, sanctions, authorisations, concessions, decrees, international air service authorisations, agreements, orders and benefits issued or granted in favour of the PIAC.

Meanwhile, the opposition parties have criticised the Pakistan Muslim League-Nawaz government for bypassing the National Assembly over the issue and termed it a step towards privatisation of the entity.

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