'10 companies show interest in buying PIA'

Ten companies have reportedly shown their interest in acquiring the majority stakes in Pakistan International Airlines (PIA), ARY News reported on Friday quoting sources.

Sources told ARY News 10 companies including three domestic aviation companies have submitted their applications for tenders.

Fly Jinnah, AirSial, Arif Habib Group, Shujaat Azeem Group’s consortium, Tabba, Tariq Group and Sehgal groups have also shown interest in acquiring the majority of PIA shares, the sources said.

The last date of PIA privatisation was May 3 (today) which has now been extended to 18 with aim of providing such companies with ample time to finalise their proposals.

The Federal Minister for Privatisation, Abdul Aleem Khan, in his statement asserted that there will be no further extension beyond this deadline for the submission of declarations of interest for national flag carrier.

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 applied 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 the ongoing privatization process of PIA.

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