Advisor chosen for privatization of PIA
Pakistan's Ministry of Privatization has chosen a consortium
led by Ernst & Young as the financial advisor for the proposed sale of
Pakistan International Airlines (PIA). The decision was made following a
meeting of the ministry's privatization commission board on November 10.
The Ernst & Young consortium, selected from eight
potential advisors, includes Bauer Aviation Advisory, Haidermota, Freshfield
Bruckhaus Deringer, Nutshell, and Knight Frank.
The move comes as part of Pakistan's efforts to privatize
PIA, which has faced financial challenges and accumulated significant losses
over the past two decades.
Committee
established to expedite privatization of Pakistan International Airlines (PIA)
Former Prime Minister Prime Minister Shehbaz Sharif had announced
the government's intention to undergo another round of restructuring for PIA in
late June, formalizing its inclusion in the "active privatization
projects" in August.
The consortium's role will be crucial in facilitating the
privatization process and addressing the financial and operational challenges
that have burdened PIA in recent years.
Source: https://www.flightglobal.com/