On Tuesday, Pakistan’s Privatization Commission made a significant announcement by approving a plan to sell Pakistan International Airlines (PIA) for the 2nd time.
Adviser Muhammad Ali led the meeting, discussing the proposal to offer between 51% and 100% of PIA’s shares and management control. This represents a renewed effort to privatize PIA in Pakistan.
The board has submitted a plan to the Competition Commission for a second attempt to privatize Pakistan International Airlines (PIA). The Ministry of Privatization announced, “We are divesting between 51% and 100% of our shares.”
The Privatization Commission also discussed the future of New York’s Roosevelt Hotel. A financial advisor will provide additional information before the commission makes a decision.
Read: PIA to Resume UK Flights After Eidul Fitr, Announces High Commissioner
Interest is growing as companies like Arif Habib, Taba, and YB Holdings are eager to invest. Recently, these groups met in Islamabad to discuss the current situation. These groups request that the government manage PIA’s substantial debts, including billions owed to the FBR, PSO, and the aviation sector.
The International Monetary Fund (IMF) has set a July deadline for the sale of Pakistan International Airlines (PIA) as part of Pakistan’s economic overhaul. The goal of selling PIA is to improve its financial situation. With major investors showing interest, this effort to privatize PIA could finally succeed. Stay tuned for the next development.
