Islamabad [Pakistan], March 19 : 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.
According to the sources, interested groups include Arif Habib Group, Taba Group, and YB Holdings. Key meetings have reportedly taken place in Islamabad between representatives of these groups to discuss the potential acquisition of PIA.
As per ARY News, these interested groups have expressed their willingness to proceed with the acquisition of Pakistan's national airline, provided their conditions are met.
One of their key demands is that the government assumes responsibility for PIA's outstanding liabilities, which include billions owed to the Federal Board of Revenue (FBR), Pakistan State Oil (PSO), and the aviation sector.
Earlier, on December 1, 2024, the Pakistani government intensified its efforts to privatise PIA through government-to-government (G2G) agreements, with an initial deadline set for December 31, ARY News reported, citing sources.
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