GCC investors briefed about PIA privatization process
Pakistan has engaged with international investors to discuss the privatization
of Pakistan International Airlines (PIA). Financial advisors from Pakistan have
briefed investors from Qatar, Abu Dhabi, and Saudi Arabia about the PIA
privatization process.
These investors were informed about the potential for profitable
investments in PIA's
international routes. Before privatization, all financial losses and debts of
the national airline have been settled by transferring them to a holding
company.
Government
fast-tracks PIA privatization amid financial crisis
Sources suggest that all obstacles to the PIA privatization have
been resolved. Notably, three Gulf countries – the United Arab Emirates, Saudi
Arabia, and Qatar – have expressed interest in acquiring the financially struggling
Pakistan International Airlines as Pakistan accelerates its privatization
plans.
Previously, bids for the privatization of PIA were invited from
potential buyers by May 3. The Pakistani government aims to privatize the
aviation sector of PIA, intending to sell 51% of the national flag carrier's
shares, while retaining 49% ownership.
Rs30
billion net worth companies eligible to bid for PIA stakes
Administrative control of PIA will transfer to the entity
purchasing the majority shares, according to officials.
Source: ARY News