ISLAMABAD: On Wednesday, a Financial Services Agreement (FASA) was inked between the Privatization Commission and the Financial Advisor overseeing the divestment of Pakistan International Airlines Corporation (PIACL).
The signing took place in the presence of Fawad Hasan Fawad, the Minister for Privatization. The Privatization Commission issued a press release on Wednesday to announce the signing of the Financial Services Agreement.
Earnest & Young-led Consortium was selected for contract negotiations as the Financial Advisor following approval by the Privatization Commission Board in its meeting held on November 10, 2023.
The designated financial advisor holds the responsibility of restructuring and conducting comprehensive legal, technical, and financial due diligence for the proposed divestment.
Additionally, they are tasked with ensuring an accurate valuation of PIACL.
Expressing optimism despite the challenging economic climate, the Minister conveyed his hope for a successful transaction.
He extended full support from all participating institutions to the Financial Advisor, aiming to streamline their work for the best possible outcome and seamless performance of their responsibilities.
Meanwhile, Caretaker Prime Minister Anwaar ul Haq Kakar has once again hinted at significant news regarding foreign investments in the country, stating that substantial announcements may be made in the coming week.
During an event in Islamabad, Kakar mentioned that investments are expected not only from the region but also from overseas.
He emphasized the government’s focus on privatizing Pakistan International Airlines (PIA), considering it a top priority. Kakar highlighted changes in investment policies through the Special Investment Facilitation Council and noted efforts to reduce government expenses.
Additionally, Kakar outlined the government’s commitment to developing skills among the country’s population.
Moreover, the caretaker Prime Minister praised the independence of the media in Pakistan, describing it as a crucial tool for promoting societal values.
