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
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