Only 2 companies show interest in buying PIA

Foreign companies are reportedly not interested in acquiring the majority stakes in Pakistan International Airlines (PIA) as only two companies from the Gulf countries received documents for investment by depositing $5,000, ARY News reported on Thursday quoting sources.

Sources told ARY News that these two firms have not even submitted their applications for tenders yet as last date for tenders related to the privatisation of the PIA is May 3.

According to sources within the Privatisation Commission, the date for the submission of applications for the PIA stake tenders is likely to be extended by a month.

The Privatisation Commission and the PIA administration also conducted various roadshows but failed to achieve much success, sources said.

Earlier, Pakistan International Airlines (PIA) had requested a 30-day extension for holding its annual general meeting (AGM).

The national flag carrier has submitted application to the Securities and Exchange Commission of Pakistan (SECP), citing incomplete financial accounts and audit as reasons for the delay

The airline has also dispatched a letter to the stock exchange, informing shareholders of the extension and the reasons behind it.

Sources familiar with the matter revealed that the request for delay is linked to ongoing privatization process of PIA.

The AGM is likely to take place by May 30 after the requested extension, they say.