From Zeeshan Mirza
KARACHI: Pakistan’s financial advisers have briefed international investors regarding Pakistan International Airlines (PIA) privatisation .
As per details, aviation investors of Qatar, Abu Dhabi and Saudi Arabia were contacted and a briefing on PIA privatisation was also dispatched to them.
Sources further say the investors were briefed regarding ‘profitable’ investment in the FIA and PIA international routes.
All financial losses and debts of the National Airline have been cleared as it has been shifted to the withholding company before the privatization.
All the hurdles for the PIA privatisation have been cleared, the sources said.
It is pertinent to mention here as many as three Gulf countries including the United Arab Emirates, Saudi Arabia and Qatar have shown interest in buying the cash-strapped Pakistan International Airlines (PIA) as the government expedites its privatisation plan, sources said.
Earlier, bids for the privatisation of Pakistan International Airlines (PIA) were sought from the buyers by May 3.
The government of Pakistan only wants to privatise the aviation department of the PIA and is interested in selling 51pc shares of the national flag carrier, while 49pc shares’ ownership will remain with the government.
The administrative control of PIA will also remain with the company buying the 51pc shares, the officials said.
Earlier, Following reforms in the Pakistan International Airlines (PIA), the shares of the national flag carrier recorded over 650 per cent surge during trading at the Pakistan Stock Exchange.
In the last few weeks, the PIA shares jumped to Rs32 from Rs4.50. Recently, the share value of PIA rose to Rs32 from Rs27.
According to market experts, the share price is going up due to the confidence of investors after the reform process in the PIA.
With a share value of Rs32, Pakistan International Airlines has become 70th largest shareholder of Pakistan. It is to be noted that all financial losses and debts of the National Airline have been cleared as it has been shifted to the withholding company before the privatization.
The officials stated that the Pakistan Stock Exchange has been notified about the clearance of PIA’s balance sheet.
After the recent development, PIA has become an attractive investment opportunity for major players in the aviation sector.
Yesterday, bids for the privatisation of Pakistan International Airlines were sought from the buyers by May 3.
The government of Pakistan only wants to privatise the aviation department of the national flag carrier and is interested in selling 51pc shares of the national flag carrier, while 49pc shares’ ownership will remain with the government.
