PIA starts audit to assess its financial and operational condition
Pakistan International Airlines
(PIA), the country’s struggling national carrier, has initiated an internal
audit of all departments as part of its preparations for privatization.
According to PIA officials, the
audit is intended to provide potential bidders with a detailed assessment of
the airline’s financial and operational condition. Department heads have been
directed to submit all relevant records to the internal audit team for review.
The findings will be compiled and
presented to interested consortiums, who are expected to visit PIA headquarters
in the coming days, a spokesperson confirmed.
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Last week, Secretary of the Privatization Commission, Usman Bajwa, informed the National Assembly’s
Standing Committee on Privatization that the government aims to finalize PIA’s
privatization process within the next two to three months.
He also noted that expressions of
interest (EOIs) for the Roosevelt Hotel in New York—a key PIA-owned asset—are
scheduled to be invited in August.
So far, five parties have submitted
EOIs for the airline. Of these, four have been approved by the scrutiny
committee to proceed to the due diligence phase. These shortlisted bidders were
granted access to PIA’s financial and operational data starting Tuesday.
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“The successful bidder will be
obligated to expand the current fleet from 19 aircraft to at least 45,” Bajwa
added.
Source: Daily Ausaf