The Competition Commission of Pakistan (CCP) has greenlit the Scheme of Arrangement (SoA) for the privatization proceedings of Pakistan International Airlines Corporation Limited (PIACL).
This represents a pivotal move towards overhauling the national carrier and smoothing the transition during the privatization journey.
With the CCP’s approval in place, the Securities and Exchange Commission of Pakistan (SECP) is now poised to grant its final approval, culminating in the formal transfer of PIACL’s non-core assets and liabilities to a newly established entity, PIA Holding Company Limited.
This division is aimed at establishing a leaner PIACL, shedding debt burdens to enable a sharper focus on core airline operations, and bolstering its attractiveness to potential investors.
The privatization of PIACL has garnered significant attention from both local and international investors, with prominent airlines and business conglomerates expressing interest.
The Privatization Commission (PC) has extended the deadline for submitting the Statement of Qualification (SOQ) until May 17, 2024, accommodating requests from prospective bidders.
This extension by the Privatization Commission is intended to ensure an equitable and transparent bidding process, fostering a level playing field for all parties involved. It is viewed as a crucial stride towards achieving a successful outcome in the privatization of PIACL, with the overarching aim of rejuvenating the national carrier and fortifying its financial standing.
Stakeholders and industry observers are closely monitoring these developments, optimistic that privatization will usher in much-needed efficiency and innovation in Pakistan’s aviation sector.
The finalization of the Scheme of Arrangement and the subsequent privatization proceedings will play a pivotal role in shaping the future trajectory of Pakistan International Airlines.
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