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September 7, 2024

Islamabad: The potential buyers of Pakistan International Airlines (PIA) refused to make the guaranteed investment of $500 million and also refused to accept targets to increase the aircraft fleet and fly a certain number of domestic and international routes. The majority of potential buyers proposed keeping all proceeds from the sale to reinvest in the airline instead of giving it to the government, according to privatization ministry sources. The bidders want to issue fresh appointment letters only to those employees who will be retained, the sources added. The issue is now being discussed at the highest government level as accepting

September 5, 2024

News Desk

Business

The PIA tender is likely to be completed in a month

KARACHI: The government has imposed conditions on the potential buyer of state-run Pakistan International Airlines (PIA), barring the investor from reselling the company for the first three years after its takeover and requiring it to induct 20 aircraft into the fleet. Speaking to The Express Tribune, Arif Habib, Chairman of Arif Habib Corporation, one of the default bidders for the airline, said the government’s business plan after the privatization of PIA showed that the buyer could not resell it for at least three years . Earlier, while discussing the business plan with a group of reporters, Habib said the new

August 30, 2024

News Desk

Business

No decision on Roosevelt sales model

Islamabad: The board of the Privatization Commission (PC) again failed to reach a decision on how to privatize the Roosevelt Hotel, New York, as its members remained divided over the options of letting the prime property on a 99-year lease or developing it under joint venture. There was also no consensus on whether to privatize the hotel through a competitive bidding process or through a government-to-government agreement. The Roosevelt Hotel is located in the heart of New York and is part of the metropolitan city’s 1% most sought-after land. Federal Privatization Minister Abdul Aleem Khan chaired the PC board meeting.

August 30, 2024

News Desk

Business

Little prospect of PIA privatization

Islamabad: The government revealed on Thursday that out of the six shortlisted parties, only two seem serious about taking over Pakistan International Airlines (PIA). The entity may not be as well priced as it was when it was last privatized eight years ago. In a briefing to the Senate Standing Committee on Privatization, the secretary of the Privatization Committee further disclosed that the shortlisted parties have requested more time for due diligence and finalization of financial models, despite the extended deadline of October 1. Of the six shortlisted parties, “two parties were seriously active” during PIA’s due diligence process, Privatization

PIA bidders reject major terms

The PIA tender is likely to be completed in a month

No decision on Roosevelt sales model

Little prospect of PIA privatization

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