Eight Companies Express Interest in Pakistan International Airlines

News Desk3 weeks ago

The information stated that bids had to be submitted by May 17 at 4 PM. Eight businesses in all made bids for expressions of interest to privatize the national airline, according to a statement released here.

The pre-qualification process for bids is expected to start shortly, according to sources with knowledge of the issue.

Read more: PM Shehbaz Unveils Bold Plan to Privatize all Government-Owned Businesses

In the pre-qualification process, the shortlisted companies will be provided with further details about PIA.

The sources said that the pre-qualification process is expected to be completed by the last week of May.  It is noteworthy that the advertisements for the privatisation of PIA were published on April 2 and 3.

The sources privy to the development said that the Privatisation Commission received bids from Shineji Company of China, Fly Jinnah, Airblue Limited, Jiri International Pvt Ltd, Younis Brothers Holdings Consortium, Pak Ethanol Consortium, and Blue World City Consortium.

The pre-qualified groups will be invited for the next stage of the bidding process, the statement read.

Earlier on May 6, the Securities and Exchange Commission of Pakistan (SECP) has approved the restructuring of Pakistan International Airlines Corporation Limited (PIACL).

According to a press release issued by the Privatization Commission on Sunday the legal segregation of PIACL, one of the most complex restructuring exercise undertaken, has attained finality, with the SECP giving its approval of the Scheme of Arrangement on May 3 for the transfer of non-core assets and liabilities of PIACL to PIA Holding Company Limited.

This order marks a significant milestone in the collaborative efforts of the Privatisation Commission , Finance Division, Aviation Ministry and PIA to restructure the airline.

The scheme has been made effective from April 30, 2024  the press release added.

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