Privatization Minister holds meeting with potential FAs for PIACL

ISLAMABAD: Caretaker Minister for Privatisation Fawad Hassan Fawad on Monday held a meeting with potential financial advisors of Pakistan International Airlines Company (PIACL) transaction.

As many as 46 participants from local and international advisory firms attended the meeting online and in person, said a press release issued by the Ministry of Privatization.

The minister responded to questions and queries of the participants on various aspects of PIA financial advisory RFP such as the financial and organizational restructuring of PIA, divestment timeframe, data availability and provision to successful bidders.

Read more: ECC approves Rs8 b bridge financing for PIA

The minister was accompanied by Secretary Privatisation Division, Secretary Privatisation Commission, DG and consultants.

Earlier, the Economic Coordination Committee (ECC) of the Cabinet approved a Rs. 8 billion bridge financing package for Pakistan International Airlines (PIA).

The financing will be provided through the Civil Aviation Authority’s (CAA) resources to meet PIA’s urgent overdue payment obligations.

The ECC allowed the Aviation Division to proceed with the bilateral arrangement between the CAA and PIA.

The Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over the meeting, according to news statement issued by the finance ministry.

The Aviation Division submitted a proposal for provision of financial support to PIACL through the Civil Aviation Authority for certain emergent needs of the airline.