PIA restructuring plan for privatization gaining momentum
Pakistan International Airlines (PIA) is expediting its
efforts to develop a restructuring plan for privatization, as reported by ARY
News.
According to the information available, the PIA
administration is actively soliciting applications from legal and corporate
firms to aid in the restructuring of the national flag carrier. The Department
of Contract Management has set a deadline for receiving applications by October
6.
Committee
established to expedite privatization of Pakistan International Airlines (PIA)
Under this restructuring plan, all assets belonging to PIA,
including property, debts, aircraft, and employees, will be transferred to the
new entity. PIA will be presented to potential investors as a debt-free
organization poised for privatization.
Prior to this development, the caretaker Minister for
Privatization, Fawad Hasan Fawad, presided over a meeting involving various
stakeholders to discuss the restructuring of Pakistan International Airlines
(PIA) as part of the privatization process. During this meeting, Minister Fawad
Hasan Fawad emphasized the importance of adhering to clear timelines to meet
the targets set by the Prime Minister and the Cabinet.
Source: ARY News