Islamabad: The privatization process of Pakistan International Airlines Company (PIAC) is set to reach a crucial phase with a live televised bidding event scheduled for October 1, 2024, following Cabinet approval. This was disclosed during the Standing Committee on Privatization meeting held in Islamabad.
According to National Assembly of Pakistan, the Secretary of the Ministry of Privatization outlined the progress of the PIAC privatization at the committee’s fourth meeting, chaired by Mr. Muhammad Farooq Sattar, MNA. The meeting was convened in Committee Room No. 7 at the Parliament House. It was revealed that the buy-side due diligence for PIAC has been completed, and the next step involves the live broadcast of the bidding process, ensuring transparency and public engagement.
Furthermore, the committee was informed about the measures being taken to safeguard the interests and rights of PIAC employees throughout the privatization procedure. The successful bidder or consortium will be finalized after the live bidding event.
During the same meeting, a Sub-Committee was established to investigate the factors contributing to the decline of PIAC. This sub-committee is composed of Ms. Sehar Kamran as the Convener, with Ms. Sofia Saeed Shah and Ms. Saba Sadiq as members. Their mandate is to thoroughly analyze the challenges faced by PIAC and report their findings back to the main committee.
The meeting was well-attended by multiple Members of the National Assembly (MNAs) and representatives from various governmental bodies, including the Ministry of Privatization, PIACL, State Life Insurance Corporation (SLIC), and ZTBL, indicating the high level of importance and scrutiny the privatization process is receiving.