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Articles for tag: Fawad Hasan Fawad, investors, plans, privatization

December 10, 2023

News Desk

Investors are looking at privatization plans

Islamabad: A group of representatives of leading investment banks, funds and institutional investors on Saturday called on Privatization Acting Minister Fawad Hasan Fawad and discussed issues related to investment opportunities in Pakistan. The panel was organized by Trans-National Research Corporation and included representatives from Fidelity Investments, Morgan Stanley Investment Management, Barings and William Blair Investment Management, a press release said. The minister briefed the group on the current government’s plans for investment and privatization of state-owned enterprises, the functioning of the Privatization Commission and the current privatization program. The process and expectations for privatization of Pakistan International Airlines (PIA), Roosevelt

November 11, 2023

News Desk

UK-based EY has been finalized as the financial advisor for the privatization of PIA

Privatization Acting Minister Fawad Hasan Fawad chairs a Privatization Council meeting in Islamabad on November 10, 2023. — PID Government steps on PIA privatization process. EY was engaged as financial advisor for the divestiture. The IMF asked the government to privatize ailing state-owned enterprises. ISLAMABAD: The Pakistani government has approved UK-based Ernst & Young (EY) as financial adviser for the privatization of Pakistan International Airlines (PIA) to prepare the financially distressed entity for sale, The news mentionted. The Privatization Commission Board which met with Privatization Acting Minister Fawad Hasan Fawad under the chairmanship on Friday approved the appointment of the

November 7, 2023

News Desk

Eight global companies offer PIA privatization services

Islamabad: Eight firms, including three among the top 20 financial advisory firms, responded to Pakistan’s request for proposal to prepare plans for the privatization and bifurcation of Pakistan International Airlines into good and bad entities. By the deadline, the Privatization Commission received technical and financial proposals from eight financial consulting firms, Privatization Minister Fawad Hassan Fawad said on Monday. The companies’ interest will boost the government’s privatization efforts. There were concerns that financial advisers might not show strong interest because of Pakistan’s poor track record of first hiring advisers and then exiting deals, including PIA. Pakistan had directly sent documents

November 4, 2023

News Desk

The electricity industry calls for the publication of vital reports

Islamabad: Frustration is growing among electricity industry stakeholders over significant delays in the release of critical reports from the energy regulator, which are essential for informed decision-making. In particular, the absence of timely data hinders the efficient operation of the sector. The World Bank’s Public Expenditure Review report highlights the urgent need for IT mechanisms that can produce timely and aggregated data on state-owned enterprises (SOEs). This is considered vital to fast-track critical decision-making processes, including the impending privatization of XWDISCOs. The World Bank has actively supported the divestment of SOE shares on the stock market as a practical solution

October 30, 2023

News Desk

Can PIA prepare for privatization in dire straits?

Islamabad: In 1998, Air Lanka, the state-owned airline of Sri Lanka, was partially divested to Emirates with full management control, beginning a ten-year strategic partnership. A decade later, Emirates chose not to renew its management contract due to government intervention, selling back its 43.6% stake in Air Lanka to the Sri Lankan government. After Emirates pulled out, the profitable Sri Lankan airline accumulated losses exceeding $875 million under government administration over the next seven years. The Sri Lankan government took more than a decade until 2022 to overcome the situation by offering voluntary retirement packages and reducing operations. The government

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