The Privatisation Commission has granted approval for the appointment of the British multinational Ernst & Young as the financial advisor for the privatization of Pakistan International Airlines (PIA). The decision, made during a meeting chaired by Minister Fawad Hasan Fawad, aims to prepare the loss-making national carrier for sale.
Reportedly, the commission considered technical and financial proposals from eight financial advisory firms before selecting Ernst & Young. The appointed advisor is expected to lead a consortium to manage the planned stake sale of PIA.
In addition to this decision, the Privatisation Commission discussed matters related to the House Building Finance Company Limited (HBFC) and decided to extend the tenure of its Financial Advisor. The commission also reportedly extended the tenure of the Financial Advisor for First Women Bank.
The meeting further addressed the determination of liability for the delay in the privatization of House Building Finance Company (HBFC) and First Women Bank.
Caretaker Prime Minister Anwaarul Haq Kakar earlier directed the concerned authorities to expedite the privatization process of PIA. The Economic Coordination Committee (ECC) of the Cabinet also approved a Rs. 8 billion bridge financing package for PIA through the Civil Aviation Authority’s resources to meet the airline’s urgent overdue payment obligations.
Pakistani Entrepreneur Faraz Khan Receives MBE for Strengthening UK-Pakistan Relations
In another development, Pakistani entrepreneur Faraz Khan was honored as a Member of the Order of the British Empire (MBE) at a ceremony held at Windsor Castle. This recognition acknowledges his significant contributions to promoting UK-Pakistani relations.
Faraz Khan serves as the Chief Executive of SpectrEco, a company that constructs robust ecosystems to enhance sustainable impacts across various sectors such as hospitality, real estate, and infrastructure development.
The MBE was awarded to Faraz in recognition of his services that strengthened UK-Pakistan relationships, particularly in the fields of social impact, environmental advocacy, social and governance issues, and climate advocacy.
