Final auction for PIA set for October 30: Parliamentary Secretary
The final auction for the
privatization of Pakistan International Airlines (PIA) is scheduled for October
30, 2024. This was announced by Parliamentary Secretary for Communication, Gul
Asghar Khan, in the National Assembly in response to a call attention notice
raised by Pakistan People’s Party (PPP) MNA Sharmila Sahiba Faruqui.
Gul Asghar Khan explained that the
privatization of PIA is a complex process managed by the Privatization
Commission Board, which is chaired by the Minister of Privatization.
Read More Pakistan
to auction national carrier PIA on October 1
The process, initiated in February
2024, involves reorganizing PIA’s assets, separating operational from
non-operational holdings. The Cabinet Committee on Privatization had already
approved the decision, and the final auction will proceed under PIA
Corporation.
However, new demands have surfaced
from potential buyers. During a Senate Privatization Committee meeting chaired
by Senator Talal Chaudhry, it was revealed that interested companies are
requesting the immediate dismissal of all PIA employees and seeking to acquire
a 76% stake in the airline. Additionally, the government would be required to
settle all outstanding tax liabilities before the handover.
Read More Pakistani
court sends notices to government ministries against proposed PIA privatization
Buyers also requested an extension
to complete their due diligence, raising concerns that the privatization
process could face further delays.
Source: The
Nation