Daily Times

A consortium of six companies has been pre-qualified for privatizing Pakistan International Airlines (PIA), ARY News reported on Monday.

According to the details, the companies lie in the pre-qualified consortium will now be eligible to participate in the bidding process for the PIA.

The decision was made during the Privatisation Commission Board meeting, chaired by Federal Privatization Minister Aleem Khan.

During the meeting, Aleem Khan emphasized the government’s commitment to ensuring a transparent and efficient privatisation process for all loss-making state-owned companies.

To maintain transparency and foster confidence, Khan proposed broadcasting the privatisation proceedings live on media platforms to assure all stakeholders about the integrity of the process.

Last month, the Securities and Exchange Commission of Pakistan (SECP) approved the restructuring of Pakistan International Airlines Corporation Limited (PIACL).

According to a press release issued by the Privatization Commission on Sunday the legal segregation of PIACL, one of the most complex restructuring exercise undertaken, has attained finality, with the SECP giving its approval of the Scheme of Arrangement on May 3 for the transfer of non-core assets and liabilities of PIACL to PIA Holding Company Limited.

This order marks a significant milestone in the collaborative efforts of the Privatisation Commission, Finance Division, Aviation Ministry, and PIA to restructure the airline.

The press release added that the scheme has been made effective from April 30, 2024.

The SECP has directed the PSX, Central Depository Company, and National Clearing Company of Pakistan to ensure a smooth listing of PIA Holding Company Limited as per the applicable rules and regulations.