The federal government has given the task of preparing a strategy/roadmap for privatisation of 26 percent share of Pakistan International Airlines Corporation (PIAC) to the Privatisation Commission, it is learnt. According to sources, the government has started work on the evaluation of PIA assets to privatise its 26 percent stake along with complete transfer of management during next year.
Consequently, the PC has prepared a draft proposal for restructuring of PIA and privatisation of core functions of the organisation by inviting bids for a Financial Advisor (FA). The FA will be responsible for developing and implementing the restructuring plan, including formulating divestment strategy/plan for sustainable privatisation of various businesses/components of existing PIAC in the first phase; and performing all activities leading up to the privatisation of core functions of PIAC preferably by divesting the government minority interest (26 percent) along with management control to a strategic investor in the second phase.
Author: Naveed Butt
Source: Business Recorder