Under the chairmanship of Senator Talal Chaudhry, the Senate Privatization Committee held a meeting to discuss the privatization of Pakistan International Airlines (PIA). Bidders interested in acquiring PIA have presented new conditions, including the immediate dismissal of employees and a demand for a 76% stake in the airline.
The bidders also requested that the government clear PIA’s tax liabilities. According to the Privatization Commission officials, the privatization of PIA is now scheduled for October 31. Previously, the Privatization Commission had requested that employees remain in their jobs for three years, which was later reduced to two years, but the bidders refused to agree to this or to offer pensions for the employees.
The Privatization Commission intends to sell up to 60% of PIA’s shares, but the bidders have yet to complete the due diligence process. The bidders are also seeking guarantees for the life, parts, and information related to the aircraft. The delay in the privatization process has negatively impacted PIA’s reputation, as noted by Committee Chairman Talal Chaudhry.
Leave a comment