ISLAMABAD: Federal Minister for Privatisation Abdul Aleem Khan has called PIA “an attractive opportunity” for local and international investors, especially after restructuring its liabilities.

Chairing a meeting of the Privatisation Commission Board on Thursday, the minister hoped that Pakistani businesses would show their interest in acquiring the national airline.

The Privatisation Commission Board, in the two sessions held on April 2 and 4, approved the prequalification criteria and the committee for evaluating bids and interests submitted for PIA’s divestment.

The government appointed Ernst & Young, a global financial advisory firm, to prepare the plan for the loss-making firm, which completed its task during the caretaker setup.

The caretaker cabinet has approved Ernst & Young’s appointment for the financial and administrative reorganisation of PIA.

The financial advisor and the committee would evaluate prequalification documents to determine whether interested buyers meet the prescribed standards and criteria, which include experience, financial stability, technical expertise, safety record, and other relevant factors.

To speed up the privatisation process, the national airline has been bifurcated into two companies — the Pakistan International Airlines Corporation (PIAC) and PIA Holding.

The former would own flying operations, while the airline’s non-core assets and liabilities have been transferred to the latter.The Privatisation Commission, through an advertisement in national and international newspapers on April 2, has already invited expressions of interest from investors willing to buy majority stakes in PIACL.

Published in Dawn, April 5th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Budget and politics
Updated 14 Jun, 2024

Budget and politics

PML-N, scared of taking bold steps lest it loses whatever little public support it has, has left its traditional support — traders — virtually untouched.
New talks?
14 Jun, 2024

New talks?

WILL this prove another false start, or may we expect a more sincere effort this time? Reference is made to the...
A non-starter
14 Jun, 2024

A non-starter

WHILE the UN Security Council had earlier this week adopted a US-backed resolution calling for a ceasefire in Gaza...
Budget for stabilisation
Updated 13 Jun, 2024

Budget for stabilisation

The proposed steps lack any “disruptive policy changes", especially to "right-size" the govt, and doubts remain on authorities' ability to enforce new measures.
State of the economy
13 Jun, 2024

State of the economy

THE current fiscal year is but another year lost. Going by the new Pakistan Economic Survey, which maps the state of...
Unyielding onslaught
Updated 13 Jun, 2024

Unyielding onslaught

SEVEN soldiers paid the ultimate price in Lakki Marwat on Sunday when their vehicle was blown up in an IED attack,...