The government revealed in a recent announcement, that ten major companies, including three private airlines operating in Pakistan, have expressed interest in purchasing Pakistan International Airlines (PIA). These companies have until May 18 to submit their paperwork to show their interest in acquiring PIA.
Among the interested parties are Arif Habib and Akram Wali Muhammad from Gerry’s Group, indicating a diverse range of potential buyers for the national airline.
The decision to privatize PIA comes as the government aims to address the substantial financial losses incurred by the airline, estimated at a staggering 830 billion rupees. By selling PIA, the government believes it can alleviate this burden and potentially turn the airline into a profitable entity, especially with the prospect of acquiring new aircraft.
Furthermore, the government plans to privatize other state-owned entities such as the Steel Mill, Discos, First Women Bank, and House Building Finance Corporation. This move is seen as a strategic effort to involve the private sector in revitalizing these entities and making them more financially viable.
Emphasizing the importance of privatization, government officials stress the need to allow private companies to take over these institutions to improve their efficiency and profitability. They assure the public that the privatization process will be conducted transparently and fairly, with measures in place to prevent any unfair practices.
While the government seeks to privatize most Discos, it plans to retain control over some strategic ones. Additionally, discussions are underway regarding the profitability of PIA’s flights to Saudi Arabia for Hajj and Umrah, with potential plans to expand similar arrangements to Europe, America, Canada, and Middle Eastern countries.