Overseas Pakistani group offers 124 billion to acquire PIA
An overseas Pakistani consortium, Al
Nahang, has made an offer to acquire Pakistan International Airlines (PIA) for
more than Rs125 billion. The group has also made a commitment to settle the
airline's outstanding Rs250 billion debt.
Al Nahang has reportedly submitted a
formal proposal via email to the ministers of privatisation, aviation, and
defence, detailing its plans to rejuvenate PIA.
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privatization: Single bid of Rs. 10b ($36 million) received from a real estate
firm
In addition to clearing the debt,
the proposal includes assurances to retain the current PIA workforce, with a
gradual plan to double salaries over 30 pay periods.
Al Nahang's business plan also
highlights upgrading the fleet with modern aircraft and transforming PIA into a
regional maintenance hub for other airlines.
Source: Express
Tribune