ISLAMABAD: Pakistan’s federal government has approved the privatisation of Pakistan International Airlines (PIA), allowing the sale of between 51 per cent and 100 per cent of its shares, a private news channel reported on Tuesday.
The Cabinet Committee on Privatisation, chaired by Deputy Prime Minister Ishaq Dar, made the decision during a meeting held in Islamabad.
Ishaq Dar stated that privatising PIA will ease the financial burden on the national treasury. He emphasised that the government’s is commitment to unlocking the airline’s full potential.
Following privatisation, PIA’s administrative control will also be transferred.
The deputy prime minister stated that the decision was made in the national interest to ensure the airline’s long-term sustainability.
On March 19, the Privatisation Commission Board approved the transaction structure for the second attempt to privatise Pakistan International Airlines Corporation Limited.
This decision was made during a meeting of the Privatization Commission Board, chaired by Muhammad Ali, the adviser to the prime minister on privatization.
The Ministry of Privatisation in a statement said that “The board recommended to CCOP [Competition Commission of Pakistan] the transaction structure proposed for the 2nd attempt of PIACL privatisation based on divestment of 51 per cent to 100 per cent share capital of PIACL together with the management control of PIACL.”
According to sources, the Arif Habib Group, Taba Group, and YB Holdings are showing interest in the privatisation process of PIA.
Key meetings have reportedly taken place in Islamabad among representatives from these groups to discuss the potential acquisition of PIA.
