KARACHI: Pakistan’s financial advisors have briefed international investors on the privatization of Pakistan International Airlines (PIA), ARY News reported citing sources.
As detailed, aviation investors in Qatar, Abu Dhabi and Saudi Arabia were contacted and briefed on PIA privatization.
Investors were also briefed on FIA and PIA’s “profitable” investments in international flights, the people said.
All financial losses and debts of National Airlines have been cleared as they were transferred to a withholding company prior to privatization.
According to officials, all hurdles for PIA privatization have been cleared.
It is pertinent to mention here that three Gulf countries, including the United Arab Emirates, Saudi Arabia and Qatar, have expressed interest in acquiring cash-strapped countries. Pakistan
According to officials, the International Aviation Administration (PIA) as the government accelerates its privatization plans.
Read more: PIA stock soars more than 650% after reform efforts
Earlier, bids for privatization of Pakistan International Airlines (PIA) were sought from buyers by May 3.
The Pakistani government wants to privatize only PIA’s aviation division and is interested in selling its 51% stake in the national flag carrier, but ownership of the 49% stake will remain with the government.
According to people familiar with the matter, management control of PIA will be maintained through the company’s purchase of a 51% stake.
