American group enters in bidding race for PIA privatization
A North American investment group,
spearheaded by Mega C&S Holding, Inc. and Equitas Capital LLC, has teamed
up with Pakistani partners to bid for a majority stake in Pakistan
International Airlines Corporation Limited (PIACL), following the government’s
decision to privatize the national carrier.
The consortium includes local
entities Augment Securities & Investments (Pvt.) Ltd., Serene Air (Pvt.)
Ltd., and the Bahria Foundation. Together, they have formally submitted an
Expression of Interest (EOI) and Statement of Qualification (SOQ) to
participate in Pakistan’s landmark privatization process.
“This submission signifies our
strong intent to help transform PIACL into a competitive, world-class airline,”
said Robert Newmark, Senior Vice President International at Equitas Capital
LLC. “By combining local knowledge with international aviation and
infrastructure expertise, we are well-positioned to lead a results-oriented
revitalization of the airline.”
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The group is currently the sole North American bidder among five parties confirmed by Pakistan’s Privatization Commission to have entered the process. Prequalified bidders will gain access to a virtual data room in the coming weeks to begin in-depth due diligence.
The consortium is advised
financially by UAE-based Alliott Hadi Shahid Chartered Accountants, while legal
counsel is being provided by Pakistan’s HP | FKM – Hafeez Pirzada | Farooq,
Khan & Mirza.
“We are enthusiastic about the
opportunity to work alongside the Government of Pakistan and the broader
aviation community,” Newmark added. “We envision a stronger, more resilient PIA
that truly reflects the aspirations of the Pakistani people.”
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The planned privatization of PIA is a key component of Pakistan’s broader economic reform and fiscal consolidation strategy.
Source: https://fox2now.com/