PIA
KARACHI: In a significant development for Pakistan’s economy, Pakistan International Airlines (PIA) has successfully cleared all its liabilities, debt, and arrears.
The clearance of financial losses and debts has been achieved as PIA has been transitioned to a withholding company ahead of its privatization.
This move has not only improved the airline’s financial standing but has also positioned it as an appealing investment opportunity in the aviation sector.
Officials have confirmed that the Pakistan Stock Exchange has been formally notified about the clearance of PIA’s balance sheet, marking a positive milestone for the national carrier.
With 170 weekly flight routes spanning 20 countries and serving approximately 150,000 passengers traveling to Saudi Arabia alone, PIA boasts a robust operational presence. This operational strength further enhances its attractiveness to potential investors.
Recently, bids were invited for the privatization of PIA, with the deadline set for May 3. The government’s privatization plan aims to sell 51% shares of the aviation department of PIA, while retaining ownership of 49% shares.
Under the privatization arrangement, the administrative control of PIA will also be transferred to the entity acquiring the majority shares, ensuring a smooth transition of operations.
Moreover, three Gulf countries, including the United Arab Emirates, Saudi Arabia, and Qatar, have expressed interest in acquiring Pakistan International Airlines.
Sources reveal that companies from these countries have approached the Pakistan government to negotiate a potential deal for the national flag carrier.
Pakistan has provided detailed briefings to officials from the three Gulf nations regarding PIA’s operations and potential privatization.
Following the conclusion of the privatization process, PIA will be sold to the highest bidder, further solidifying its path towards financial stability and operational efficiency.
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