ISLAMABAD: After restructuring its liabilities, Federal Minister for Privatization Abdul Aleem Khan referred to PIA as “an attractive opportunity” for both domestic and foreign investors.
The minister expressed hope that Pakistani companies will express interest in purchasing the national airline while presiding over a meeting of the Privatization Commission Board on Thursday.
The prequalification standards and the committee for assessing bids and interests filed for PIA’s divestment were authorized by the Privatization Commission Board during its two sessions on April 2 and 4.
The plan for the loss-making corporation was to be prepared by the worldwide financial advising firm Ernst & Young, which was selected by the government and finished its work during the caretaker arrangement.
Ernst & Young’s appointment to oversee PIA’s financial and administrative restructuring has been authorized by the caretaker cabinet.
Prequalification paperwork would be assessed by the committee and the financial advisor to see if interested purchasers fit the requirements. These requirements include experience, financial stability, technical know-how, safety record, and other pertinent variables.
The national airline was split into Pakistan International Airlines Corporation (PIAC) and PIA Holding in order to expedite the privatization process.
The airline’s non-core assets and liabilities have been transferred to the latter, while the former will retain ownership of the flying operations.The Privatization Commission has previously requested expressions of interest from investors looking to purchase majority holdings in PIACL through an advertising published in national and international newspapers on April 2.
