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.
