PIA privatisation plan's timeline revealed

ISLAMABAD: The privatization plan of the loss-making Pakistan International Airlines (PIA) has been revealed, ARY News reported citing sources. 

According to sources, the plan to privatise PIA and power distribution companies and the restoration plan of Pakistan steel mills has been finalised.

Sources said that the appointment of a Financial Advisor for the privitisation of PIA has also begun. The affiliated institution with PIA will not be privatised however the plan to resolve issues related to PIA debt, government guarantees are finalised sources added.

The privatisation commission sources revealed that Pakistan steel mill cannot be privatised in current circumstances meanwhile the mill’s production and capabilities will be increased to attract investors.

It is pertinent to mention here that the Work on the restructuring plan of Pakistan International Airlines (PIA) for privatization has been expedited.

As per details, the PIA administration sought applications from legal and corporate firms for the restructuring plan of the national flag carrier.

The Department of Contract Management has been directed to forward the applications by October 6.

The assets belonging to the PIA, including property, debts, aircraft, and employees, will be transferred to the new company and PIA will be presented to the investor as free from debt organization for privatization.