By Ali Imran
ISLAMABAD: The privatization of Pakistan International Airlines (PIA) is expected to be finalised in September instead of August, sources familiar with the development told.
As per details, the delay of PIA’s accounts is the reason behind the development. Additionally, companies interested in the privatization have not finished the due diligence process.
These interested companies are reportedly insisting on reopening routes to Europe. Sources suggest that an accurate valuation of PIA can only be determined if its European routes are active.
Six companies/ consortiums including Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium, have been pre-qualified in the process of PIA privatisation. Earlier, Finance Minister Muhammad Aurangzeb had earlier expressed hope that PIA’s privatisation would be finalised by July. On July 9, the National Assembly’s standing committee on Aviation on Monday was informed that the privatisation process of Pakistan International Airlines Corporation (PIAC) is almost completed. The Civil Aviation Authority (CAA) currently operates 22 out of 43 airports, including 13 international ones, and has been experiencing budget constraints on the development side for several years, said a statement issued today.
