PIA privatization advances as CCP approves restructuring scheme

By MG News | May 04, 2024 at 03:45 PM GMT+05:00

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May 04, 2024 (MLN): The privatization process of Pakistan International Airlines Corporation Limited (PIACL) crossed another milestone, as the Competition Commission of Pakistan (CCP) has given the green light to the Scheme of Arrangement (SOA).

This approval signals a pivotal step towards PIACL’s restructuring process and approval from SECP.

Once finalized, this will formalize the transfer of non-core assets and liabilities to the newly formed PIA Holding Company Limited, setting the stage for a debt-light PIACL.

The privatization of PIACL has garnered substantial interest from major investors, including airlines and business conglomerates, who have submitted their Expressions of Interest for this transaction.

The Privatisation Commission (PC) has extended the deadline for submitting the Statement of Qualification (SOQ) till May 17, 2024, upon request from the interested parties.

The decision aims to facilitate a competitive and fair bidding process, ultimately leading to a successful privatization outcome.

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