According to an official announcement, the Privatization Commission Board has authorized the transaction structure for the 2nd effort to privatize Pakistan International Airlines Corporation Limited.

Muhammad Ali, the prime minister’s privatization consultant, headed over a meeting of the Privatization Commission Board where this decision was taken. The strategy calls for managerial control and a disposition of (51% to 100%) of Pakistan International Airlines Corporation Limited share capital.

Second Effort

“The board recommended to CCOP (Competition Commission of Pakistan) the transaction framework suggested for the 2nd effort of Pakistan International Airlines Corporation Limited privatization based on privatization of (51% to 100%) share capital of Pakistan International Airlines Corporation Limited along with the management control of Pakistan International Airlines Corporation Limited,” the Ministry of Privatization posted in a statement.

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While Privatization Commission Board also decided on the privatization of the Roosevelt Hotel in New York and chose to consult a financial expert before proceeding.

The privatization of Pakistan International Airlines (PIA) has once again advanced, and major organizations have expressed interest in purchasing PIA, according to sources.

Sources state that “YB Holdings, the Taba Group, and the Arif Habib Group” are examples of interested groups. The possible takeover of PIA has apparently been discussed at important meetings between representatives of various groupings in Islamabad.

Several Parties Show Their Interest

According to sources, interested parties have stated their desire to go on with the purchase of Pakistan’s national airlines because the PIA privatization process is speeding up, so long as their requirements are satisfied.

The requirement that the government take on PIA’s outstanding debts, such as the “billions owing to Pakistan State Oil (PSO), the Federal Board of Revenue (FBR), and the aviation sector, is one of these requirements. The International Monetary Fund (IMF) has also reportedly set a goal for PIA privatization to be finished by July. This move is a component of larger economic reorganization and improvements meant to strengthen the national carrier’s financial standing.