Federal Minister for Privatization Abdul Aleem Khan has expressed optimism about Pakistan International Airlines (PIA) being an attractive opportunity for both local and international investors, especially following the restructuring of its liabilities.

During a meeting of the Privatization Commission Board, chaired by the minister, it was emphasized that PIA presents a lucrative investment prospect, and Pakistani businesses are encouraged to express interest in acquiring the national airline. The Privatization Commission Board, in sessions held on April 2 and 4, approved the prequalification criteria and established a committee to evaluate bids and interests submitted for the divestment of PIA.

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Ernst & Young, a global financial advisory firm, was appointed by the government to prepare a plan for the restructuring of the loss-making airline. This task was completed during the caretaker setup, and the caretaker cabinet subsequently approved Ernst & Young’s appointment for the financial and administrative reorganization of PIA.

The financial advisor and the committee will assess prequalification documents to determine if interested buyers meet the specified standards and criteria, including experience, financial stability, technical expertise, safety record, and other relevant factors.

In efforts to expedite the privatization process, PIA has been divided into two separate entities: Pakistan International Airlines Corporation (PIAC) and PIA Holding. PIAC will oversee flying operations, while non-core assets and liabilities have been transferred to PIA Holding.

The Privatization Commission has issued advertisements in national and international newspapers on April 2, inviting expressions of interest from investors interested in acquiring majority stakes in PIACL, signaling the government’s commitment to privatizing PIA.