The Privatisation Commission Board of Pakistan has approved the transaction structure for the second attempt to privatize Pakistan International Airlines Corporation Limited (PIACL), according to an official statement cited by ARY News on Wednesday.
The decision was made during a meeting of the 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, as per the report.
In an official statement, the Ministry of Privatisation confirmed, “The board recommended to CCOP (Competition Commission of Pakistan) the transaction structure proposed for the 2nd attempt of PIACL privatisation based on the divestment of 51 per cent to 100 per cent share capital of PIACL together with the management control of PIACL.”
The board also 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.
Privatisation Efforts and Interested Parties The process for privatizing Pakistan International Airlines (PIA) has picked up momentum, with significant interest from major business groups, sources told ARY News on Friday. Among the interested parties are the Arif Habib Group, Taba Group, and YB Holdings. Key meetings have reportedly been held in Islamabad to discuss the potential acquisition of PIA.
These groups have expressed their willingness to proceed with the acquisition, provided their conditions are met. One key demand is that the government assume 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.
Government’s Commitment Earlier, on December 1, 2024, the Pakistani government intensified its efforts to privatize PIA through government-to-government (G2G) agreements, with an initial deadline set for December 31. Sources indicate that the government remains focused on the privatisation of the national airline.