PIA privatization:
According to Coordinator to Prime Minister on Economy and Energy Bilal Azhar Kayani, the federal government is contemplating selling a majority stake in Pakistan International Airlines (PIA) amid the PIA privatization process. The Privatization Commission will determine the number of shares the government intends to sell as it approaches the conclusion of the PIA privatization process.
During his appearance on the ARY News show ‘KHABAR’, Coordinator to Prime Minister on Economy and Energy Bilal Azhar Kayani revealed that the Privatization Commission is nearing a decision on the number of shares the government will sell as part of the PIA privatization process. The government is contemplating selling anywhere from 51% to 100% of the shares of the national flag carrier. If this plan proceeds, the administrative control of PIA will be transferred to the entity that acquires the majority of shares.
Kayani also mentioned that the PIA privatization efforts are progressing well, with interest from several countries and global companies in acquiring PIA. Additionally, matters related to PIA’s retired employees have been shifted to the PIA Holding Company, but pension disbursement to retired workers will not be hindered due to this transition.
READ MORE: Pakistan’s Finest: Unveiling Pakistan’s Best Airlines In 2023
In the meantime, Kayani mentioned that the federal government is actively addressing matters related to current employees, and a policy will soon be formulated in this regard.
Just yesterday, the government cleared PIA’s liabilities, debts, and arrears by transferring all financial losses and debts of the national airline to the withholding company before privatization.
Officials have notified the Pakistan Stock Exchange (PSX) about the clearance of PIA’s balance sheet.
Furthermore, the government has invited bids for the privatization of Pakistan International Airlines, with the deadline set for May 3.
As a result of reforms within PIA, the shares of the national flag carrier surged by over 650% during trading at the PSX.
In recent weeks, PIA shares skyrocketed from Rs4.50 to Rs32. The increased share value is attributed to investor confidence following the reform process within the airline.
At a share value of Rs32, Pakistan International Airlines now ranks as the 70th largest shareholder in Pakistan.
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