PIA Privatization Govt Forms Committee
Deputy Prime Minister Ishaq Dar chaired the meeting in Islamabad.
The Cabinet Committee on Privatization noted with satisfaction the assessment of the aviation division on healthy PIACL’s finances.
The CCOP also constituted a committee under the convenorship of the Minister of State for Finance to evaluate possible transaction options for the privatization of the Roosevelt Hotel and modes to be adopted in the light of available legal provisions.
Earlier, Federal Minister Aleem Khan said that the cabinet committee will finalize the privatization of Pakistan International Airline (PIA).
The Ministry decided to send the matter about the privatization of PIA to the cabinet committee.
The minister urged that the privatization process of the national institutions including PIA should be improved and any delay in this regard should be avoided.
In Oct, the final bidding process for the privatization of PIA attracted just one bid of Rs10 billion ($36 million) for a 60 percent (pc) stake in the national flag carrier.
PIA stake sale attracts sole bid below govt’s expectations
The government had pre-qualified six groups in June, but only real-estate development company Blue World City participated in the bidding process, placing a bid that was below the government-set minimum price of Rs85 billion.
Pakistan is looking to offload a 51-100pc stake in debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund program.
The Privatisation Commission said it had asked the bidder to match the minimum bid.
Mutib Khalid is a skilled content writer and digital marketer with a knack for crafting compelling narratives and optimizing digital strategies. Excel in creating engaging content that drives results and enhances online presence. Passionate about blending creativity with data-driven approaches, Mutib Khalid helps brands connect with their audience and achieve their goals.
