Privatisation Commission | Pakistan

ISLAMABAD: The Privatisation Commission announced on Thursday that the consortium led by Arif Habib Corporation Limited has notified it of its intent to acquire the remaining 25 per cent equity stake in Pakistan International Airlines Corporation Limited (PIACL), paving the way for full private-sector ownership of the national carrier. It said that the total private-sector investment in the transaction was expected to amount to approximately Rs180 billion, comprising a minimum of Rs55 billion payable to the government as divestment proceeds and Rs125bn to be injected as fresh equity into PIACL to support the airline’s recapitalisation. “The planned equity injection will support fleet expansion and modernisation, route development, and improvements in customer service and operational systems,” the commission said. It said that management control was expected to be transferred on or before May 25, the first closing date announced by the Privatisation Commission, subject to the fulfilment of conditions set out i...

ISLAMABAD: The Privatisation Commission board on Tuesday recommended the inclusion of the Faiji Fertiliser Company (FCC) in the Arif Habib-led consortium that won the auction for Pakistan International Airlines (PIA). Last December, the consortium had successfully bid Rs135 billion for a 75 per cent stake in the national flag carrier. The FFC was initially among the bidders but had withdrawn from the process ahead of the auction. It had later joined the winning consortium on December 25. It should be mentioned that the Privatisation Commission board’s recommendation has now paved the way for the consortium to buy the remaining 25pc stake in PIA for the consortium to take full control of the flag carrier. On Tuesday, the Privatisation Commission held a meeting, which was chaired by the Adviser to the Prime Minister on Privatisation, Muhammad Ali. According to a press release, in accordance with the terms of the share purchase and subscription agreement, the FFC was nominated by the consortium, with Arif Habib ...