Shares of Pakistan International Airlines rallied to a record as the government’s bid to sell the state-owned carrier made progress. 

The stock jumped 7.5% on Thursday, taking its advance since August last year — when the government decided to privatize the loss-making airline — to about 607%. The latest catalyst came as the cabinet approved a plan to turn the carrier into a holding company to speed up its privatization. 

Past attempts to sell the stake had failed due to political opposition and protests by the labor union. The carrier scaled back operations amid deteriorating financial conditions.

“This time serious progress seems to have been made for its privatization,” said Qasim Shah, head of international sales at Karachi-based brokerage JS Global Capital. 

Prime Minister Shehbaz Sharif asked to expedite the sale of the airline at a cabinet meeting on Wednesday. Last month, Pakistan approved a restructuring plan that would divert core operations of the airline into one company and its debt into another. A consortium led by Ernst & Young was hired in November for the stake sale.