Global aviation groups bid for PIA stake

May 19, 2024 (MLN): Pak Ethanol (Private) Limited has formed a national consortium, in collaboration with leading international aviation groups, to bid for Pakistan International Airlines (PIA).

Pak Ethanol Limited Pakistan is the co-lead entity with other consortium members.

Members of the consortium bidding for PIA include Switzerland’s Swiss Aviation Group AG, Austria’s Airport Competence, Australia’s Pearl Asset Management, Hong Kong's AsiaPak Investments Limited, Malaysia's Air Asia Aviation Group, and Pakistan’s Serene Air and Air Sial Ltd., the ethanol maker said in a statement on Saturday.

"This strategic partnership underscores our commitment to contributing to the nation's economic growth and revitalizing its aviation industry by combining local expertise with global best practices," it said.

Pak Ethanol believes that the key to turning around Pakistan International Airlines lies in a collaborative approach rooted in national spirit.

"By bringing together the best minds and resources from Pakistan and around the world, we are demonstrating our dedication to a unified effort aimed at achieving a common goal," it added.

Pak Ethanol said that this consortium embodies the spirit of teamwork and national pride, reflecting a shared vision for PIA's future.

"Our consortium aims to harness the collective strengths of local and international partners, ensuring a comprehensive strategy for PIA's turnaround," it further added.

The involvement of international aviation experts will provide cutting-edge insights and innovative solutions, while the national partners will ensure that the revitalized PIA remains closely aligned with Pakistan's cultural and economic interests.

The ethanol maker said it is confident that this unique blend of national and international collaboration will enable them to restore PIA to its former glory, ensuring it remains a symbol of national pride and a leader in the global aviation market.

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