Islamabad [Pakistan], April 12 (ANI): Pakistan will miss its July 2025 deadline set by the International Monetary Fund (IMF) for the privatisation of Pakistan International Airlines (PIA), ARY News reported.
Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission, confirmed that the PIA privatisation process will not be completed within the IMF’s stipulated timeframe, as per ARY News.
He stated that the process is now expected to conclude by December 2025- another in a series of postponements.
He revealed that a new Expression of Interest (EoI) will be published in the last week of April 2025, allowing prospective bidders to participate in the process.
The period, during which bidders will assess the airline’s assets and balance sheet, is scheduled for July, he said. He further noted that bid evaluations will continue through September.
Notably, Pakistan’s attempt to privatise PIA last year fell flat when it received only a single offer, well below the asking price of more than USD 300 million.
The Pakistani Privatisation Commission Board has approved the transaction structure for the second attempt to privatise Pakistan International Airlines Corporation Limited (PIACL), ARY News reported on Wednesday, citing an official statement.
The decision was made during a meeting of the Privatisation Commission Board, chaired by Muhammad Ali, the adviser to the prime minister on privatisation.
The plan involves divesting 51 per cent to 100 per cent of PIACL’s share capital, along with management control, according to ARY News.
In a statement, the Ministry of Privatisation said, “The board recommended to CCOP (Competition Commission of Pakistan) the transaction structure proposed for the 2nd attempt of PIACL privatization based on the divestment of 51 per cent to 100 per cent share capital of PIACL together with the management control of PIACL.”
Additionally, the Privatisation Commission Board discussed the privatisation of the Roosevelt Hotel in New York and decided to seek a briefing from a financial advisor before proceeding with the process.
The process for the privatisation of Pakistan International Airlines (PIA) has gained momentum, with significant interest from major business groups, ARY News reported on Friday, citing sources. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
