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PIA privatization: Government will sell majority stakes in national airlines

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11 months ago

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As the PIA privatization process draws to an end, the Privatization Commission will determine how many shares the government sells, according to Bilal Azhar Kayani, the Prime Minister’s Coordinator for Economy and Energy, during an appearance on the program “KHABAR.”

He claimed that the government was thinking of selling the national flag carrier for anywhere from 51% to 100% of its shares.
According to Kayani, the organization that purchases the majority of the shares will take over administrative authority of the PIA.

The leader of the Pakistan Muslim League-Nawaz (PML-N) claimed that multiple nations and international corporations have expressed interest in purchasing PIA, adding that the privatization process was moving along nicely.

He stated that although the affairs concerning the retired employees of PIA were transferred to the PIA Holding Company, this would not impede the retired employees’ pension payments.
Kayani stated that a policy pertaining to serving employees will be developed shortly and that the federal government was currently working to resolve the issues surrounding these individuals.

A day prior, all of the national airline’s losses and debts were transferred to the withholding business prior to its privatization, and as a result, the federal government paid off all of PIA’s obligations, debt, and arrears.

According to officials, the clearing of PIA’s balance statement has been communicated to the Pakistan Stock Exchange (PSX).

Additionally, by May 3, the government is inviting bids from potential purchasers for the privatization of Pakistan International Airlines.

Shares of the national flag carrier had an almost 650% increase in value during PSX trading after the PIA underwent reforms.

The price of PIA shares increased from Rs4.50 to Rs32 in recent weeks. The value of PIA’s shares increased recently from Rs27 to Rs32.

Market analysts claim that investors’ increased confidence following the PIA reform process is the reason for the share price increase.

Pakistan International Airlines rose to the 70th position among Pakistan’s shareholders with a share value of Rs32.

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Business

Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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17 hours ago

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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Business

As the MPC meeting draws closer, stocks rise.

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18 hours ago

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On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

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Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

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2 days ago

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The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

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