Posted Rs75bn loss in 2023: PIACL liabilities rise to Rs825bn with Rs161bn assets

ISLAMABAD: Pakistan International Airlines Company Limited (PIACL) made a loss of Rs75 billion approximately during the year 2023 while total liabilities increased to Rs825 billion with total assets amounting to Rs161 billion.

The privatisation is being carried out in accordance with the best practices and keeping in view the financial position and viability of PIACL to make it attractive for the potential investors.

The meeting of the Standing Committee on Privatization was held under the chairmanship of Muhammad Farooq Sattar on Monday.

The committee recommended that the rights of the employees of PIACL must be protected during the privatisation process.

The committee was informed that on the direction of Cabinet Committee on Privatization (CCoP), the Privatization Commission strictly adhered the rules for selection of financial adviser and finalised M/s Jones Lang LaSalle Americas, Inc (JLL) as Financial Adviser (FA) for the privatisation of Roosevelt Hotel. The firm has submitted the transaction structure report to the Privatization Commission.

The Committee was also briefed about the latest status of privatisation of House Building Finance Company Limited (HBFCL) and recommended that the decision of privatizing a profitable entity shall be thoroughly reviewed.

Anwar ul Haq Chaudhry, Abdul Qadir Khan, Asia Naz Tanoli, Saba Sadiq, Sehar Kamran, Sofia Saeed Shah, Maulana Abdul Ghafoor Haideri, and Mehboob Shah attended the meeting. The officers from the Ministry of Privatisation, HBFCL, and PIAC also attended the meeting.

Copyright Business Recorder, 2024