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The Privatization Commission Board approved the pre-use of four interested aspects for disinvestment of Pakistan International Airlines Corporation Limited (PIACL). The board was chaired by Muhammad Ali, advisor to privatization affairs of the Prime Minister.
The Government of Pakistan has intensified the exercise to sell the PIA facing the cash crisis. It aims to sell it at the end of 2025. This information was given in a media news published on Wednesday. After unsuccessful attempts to sell the public sector airline last year, the government has intensified action in this direction. According to the news of the newspaper 'Express Tribune', the privatization Commission Board on Tuesday declared four local companies eligible to bid for the acquisition of the aviation company.
Three of these are associated with cement business. In its previous attempt, the government had fixed a minimum price of Rs 85.03 billion with negative books of Rs 45 billion. However, she was successful in obtaining a proposal of only 10 billion rupees. According to the press release, the privatization Commission Board approved the pre-uses of the four interested sides for disinvestment of Pakistan International Airlines Corporation Limited (PIACL). The board was chaired by Muhammad Ali, advisor to privatization affairs of the Prime Minister. The Privatization Commission Board reviewed the recommendations of the pre-uses committee based on the evaluation of the qualification details (SOQ) presented by the five potential investors.
One of these was not found eligible to bid. The Commission said that the pre-qualified side will now move forward in the proper diligence phase of procurement and party, which is an important step in the transparent and competitive privatization process. The newspaper quoted Muhammad Ali as saying that the PIA is expected to be in the last quarter (October-December) of the current calendar year. The government wants to sell a dominated stake in the PIA as well as management control. The PIA has been struggling with financial crisis for many years. The problem came to light in 2023 when 7,000 PIA employees did not get the salary of November 2023. Earlier, the European Union banned the PIA in 2020 due to security concerns.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from the feed of PTI-language.
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