PIA privatisation: 'Pakistan briefs Qatar, Saudi Arabia's investors'

KARACHI: Pakistan’s financial advisers have briefed international investors regarding Pakistan International Airlines (PIA) privatisation, ARY News reported, citing sources.

As per details, aviation investors of Qatar, Abu Dhabi and Saudi Arabia were contacted and a briefing on PIA privatisation was also dispatched to them.

Sources further say the investors were briefed regarding ‘profitable’ investment in the FIA and PIA international routes.

All financial losses and debts of the National Airline have been cleared as it has been shifted to the withholding company before the privatization.

All the hurdles for the PIA privatisation have been cleared, the sources said.

It is pertinent to mention here as many as three Gulf countries including the United Arab Emirates, Saudi Arabia and Qatar have shown interest in buying the cash-strapped Pakistan International Airlines (PIA) as the government expedites its privatisation plan, sources said.

Earlier, bids for the privatisation of Pakistan International Airlines (PIA) were sought from the buyers by May 3.

The government of Pakistan only wants to privatise the aviation department of the PIA and is interested in selling 51pc shares of the national flag carrier, while 49pc shares’ ownership will remain with the government.

The administrative control of PIA will also remain with the company buying the 51pc shares, the officials said.