CCoP reiterates divesting PIACL thru privatisation or G2G mode

ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) reiterated the resolve of the government to divest Pakistan International Airlines Company Limited (PIACL) through privatisation or government-to-government (G2G) mode, in its meeting held on Friday, chaired by deputy prime minister/ foreign minister Ishaq Dar.

The CCoP considered the proposal of Privatisation Commission (PC) Board, whereby, it recommended rejection of the bid of Rs10 billion submitted by Blue World for divestment of PIACL (60 percent shares).

The CCoP decided to accept the recommendation of PC Board and rejected the bid. The CCoP noted with satisfaction the assessment of the Aviation Division on healthy PIACL’s finances.

The CCoP also constituted a committee under the covenorship of Minister of State for Finance to evaluate possible transaction options for privatisation of Roosevelt Hotel and modes to be adopted in the light of available legal provisions.

The CCoP also directed resolution of all issues and conclusion of agreement for sale of Services International Hotel before its next meeting. The meeting was also attended by other members of the committee including the ministers of Privatization, Industry and Food, Commerce, Power, MOS for Finance and Revenue, and federal secretaries of various divisions.

Copyright Business Recorder, 2024