The Federal Cabinet on Tuesday approved the 11-member board of Pakistan International Airlines (PIA) holding company, reported 24NewsHD TV channel.

With the approval of the board, the second most important phase of privatization of PIA has been crossed.

According to the sources, approval was obtained through circulation from the Cabinet after obtaining special permission from the Prime Minister.

The meeting also gave approval to appoint former governor State Bank of Pakistan Tariq Bajwa as the chairman of the board, while addition of seven independent directors and four government officers to the 11-member board has also been approved.

The liabilities and assets of PIA will also be transferred to the holding company.

It should be noted that the scheme of arrangement for restructuring and privatization of PIA was approved in the meeting of the board of directors of PIA held yesterday (Monday).