In Islamabad, sources close to the matter revealed that a consortium comprising six companies has been given pre-qualification status for the privatization of Pakistan International Airlines (PIA). This decision was reached during a Privatisation Commission Board meeting chaired by Federal Privatization Minister Aleem Khan.
The companies forming the pre-qualified consortium are now eligible to partake in the bidding process for PIA. During the meeting, Aleem Khan stressed the government’s dedication to conducting a transparent and effective privatization process for all state-owned entities incurring losses.
To uphold transparency and instill trust, Khan suggested broadcasting the privatization proceedings live on media platforms, ensuring stakeholders of the process’s integrity.
Last month, the Securities and Exchange Commission of Pakistan (SECP) approved the restructuring of Pakistan International Airlines Corporation Limited (PIACL). According to a statement from the Privatisation Commission, the legal segregation of PIACL, considered one of the most intricate restructuring endeavors, was finalized, with the SECP endorsing the Scheme of Arrangement on May 3 to transfer non-core assets and liabilities of PIACL to PIA Holding Company Limited.
This development signifies a noteworthy milestone achieved through the collaborative efforts of the Privatisation Commission, Finance Division, Aviation Ministry, and PIA to reorganize the airline. The press release noted that the scheme has been effective from April 30, 2024.
The SECP has instructed the PSX, Central Depository Company, and National Clearing Company of Pakistan to ensure the smooth listing of PIA Holding Company Limited in compliance with relevant rules and regulations.
