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ISLAMABAD: A Financial Services Agreement (FASA) was signed between Privatisation Commission and the Financial Advisor for Divestment of Pakistan International Airlines Corporation (PIACL) in the presence of Minister for Privatisation, Fawad Hasan Fawad.

The consortium led by Earnest & Young were invited for contract negotiations as Financial Advisor after approval by the Privatisation Commission Board in its meeting on 10th November, 2023.

PIA sell-off: PC Board tasks FA to prepare plan by Dec-end

The financial advisor will be responsible for restructuring and carrying out legal, technical and financial due diligence for the proposed divestment together with fair valuation of PIACL.

The Minister expressed the hope and desire that the transaction will be carried out successfully despite the challenging economic environment. He assured the Financial Advisor of complete support of all institutions involved in the process to facilitate their work with a view to perform their task seamlessly in best possible interest.

Comments

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Ash Chak Nov 29, 2023 08:14am
Air India was sold by the Indian Government after taking on $6,2 Billion of its debt. Who will pay for PIAs debt?
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Power Master Nov 29, 2023 10:44am
Pia worth is billions in negative. The investment company will charge millions n no one will buy. It is bankrupt n should be closed like pan am. Eastern airline. Braniff etc
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Builder Nov 29, 2023 11:48am
I doubt they are gonna sell PIA. I see simple delaying tactics until elections. The government would simply go on pouring public funds into PIA as elected ones will need free air transport for next 5 years.
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Twain pen di Nov 29, 2023 12:17pm
input 100%, output 0%.
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ISZ Nov 29, 2023 12:30pm
@Builder, That is why PIA not being sold in full. I hope no one buys this airline until the goons decide to get rid of the airline completely.
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Syed Shahzad Quadri Nov 29, 2023 01:24pm
This entity could have buyers but first debris at PIA like lazzy bones employees who made exponential losses to the carrier must be eliminated first and second tax relaxation should be given to Nascent buyer then theses tactics might allure someone to take interest in it.
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SAQIB NAWAZ Nov 29, 2023 02:44pm
Airline with out Airplanes
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Ardl Nov 30, 2023 01:05am
Only way to get rid of PIA is to auction it's assets whatever are left. All liabilities should be swallowed by government.
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Amin Siddiqui Nov 30, 2023 05:47pm
@Builder, true
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