Six companies pre-qualified for PIA privatisation bidding

Islamabad: A consortium of six companies has been pre-qualified for the privatization of Pakistan International Airlines (PIA), the sources close to the development said on Monday.

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

The companies in the pre-qualified consortium are now eligible to participate in the bidding process for PIA.

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

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

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

According to a statement issued by the Privatisation Commission on Sunday, the legal segregation of PIACL, one of the most complex restructuring exercises undertaken, reached completion, with the SECP approving the Scheme of Arrangement on May 3 for transferring 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 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.