Islamabad: The Standing Committee on Privatization convened its third meeting to address ongoing privatization efforts, focusing particularly on the Pakistan International Airlines Company Limited (PIACL) which reported substantial losses and increased liabilities in 2023.
According to National Assembly of Pakistan, the meeting chaired by Mr. Muhammad Farooq Sattar, MNA, delved into PIACL’s financial performance, highlighting a loss of approximately Rs. 75 billion and liabilities surging to Rs. 825 billion against assets of Rs. 161 billion. The committee stressed the importance of adhering to best practices in privatization to enhance PIACL’s appeal to potential investors, emphasizing the necessity to protect employee rights throughout the process.
Discussions also extended to other privatization initiatives, including the appointment of Jones Lang LaSalle Americas, Inc. (JLL) as the Financial Adviser for the privatization of Rosevallet Hotel, following strict selection guidelines from the Cabinet Committee on Privatization (CCoP). Moreover, concerns were raised about the privatization of the profitable House Building Finance Company Limited (HBFCL), with recommendations to reconsider such decisions.
The meeting was attended by multiple Members of the National Assembly and officers from the Ministry of Privatization, highlighting the critical oversight role the committee plays in the strategic privatization of state-owned enterprises.