March 06, 2024 (MLN): The newly elected Prime Minister Shehbaz Sharif has directed the Privatization Ministry to present the final schedule of the implementation of the privatization of the Pakistan International Airlines Corp (PSX: PIAA).
He was presiding over a high-level meeting regarding the privatization of PIA and the restructuring of the Federal Board of Revenue in Islamabad today.
The Prime Minister directed to ensure transparency at all stages in the privatization process of National Airline and clarified that carelessness will not be tolerated in this regard.
The so far progress of the privatization of PIA and upcoming steps were reviewed in the meeting.
For several years, PIA has been grappling with losses, with its cumulative losses reaching Rs713 billion as of June last year. According to the airline's CEO, losses in 2023 are likely to be Rs112bn.
To recall, the federal cabinet approved the restructuring of the national carrier on February 06, 2024, based on the recommendation of the Privatization Commission.
Taking into account international examples, a financial restructuring plan was devised according to which PIA will be divided into two companies, TopCo and HoldCo.
