Islamabad, The privatisation of Pakistan International Airlines Corporation Limited (PIACL) is progressing, with the Competition Commission of Pakistan (CCP) recently approving the Scheme of Arrangement (SOA). This key endorsement is a significant step in restructuring PIACL and transferring its non-core assets and liabilities to the newly established PIA Holding Company Limited. The process aims to create a financially healthier PIACL, better positioned for privatization.
According to Press Information Department, the Privatisation Commission (PC) has decided to extend the deadline for submitting the Statement of Qualification (SOQ) to May 17, 2024. This extension comes in response to requests from interested investors, including major airlines and business conglomerates, to allow more time to prepare for a competitive bidding process. The extension is intended to ensure a fair and transparent privatization process, facilitating the best possible outcome for the divestment of PIACL.
The approval from the CCP marks a crucial milestone in PIACL’s ongoing restructuring efforts, which are closely monitored by the Securities and Exchange Commission of Pakistan (SECP). The ultimate goal is to streamline PIACL’s operations, reduce its debt burden, and attract strategic investors capable of revitalizing the national carrier.