January 01, 2025 (MLN): Air Vice Marshal (AVM) Muhammad Amir Hayat has been appointed as the Acting Chief Executive Officer (CEO) of Pakistan International Airlines Corporation Limited (PIACL) under the aviation division.
This appointment is made with the approval of Prime Minister Shehbaz Sharif until the appointment of a regular incumbent.
The decision was made by the board of directors of PIACL on December 12, 2024, with immediate effect.
This is with reference to the previous notification in which AVM Muhammad Amir Hayat ceased to be the Chief Executive Officer of PIA on December 09, 2024.
AVM Amir Hayat was appointed as the CEO of PIA for a one-year term last year, as the then government planned to privatize the loss-making state-owned enterprise (SOE).
PIA had accumulated hundreds of billions of rupees in losses and arrears.
PIA's privatization has been a subject of concern for authorities in Islamabad, who were offering a stake of between 51% and 100% in the debt-ridden airline as part of reforms urged by the International Monetary Fund (IMF).
This is part of the ongoing 37-month, $7-billion bailout agreement between Pakistan and the IMF.
However, after much delay, the government received only one bid from the Blue World Consortium for a 60% stake in PIA.
They offered Rs10bn against the Privatization Commission’s minimum price of Rs85bn.
The government rejected the bid and decided to initiate another round of privatization.
