The scheduled date for the auction on the sale of PIA is 30th October, a landmark in the privatization process of Pakistan International Airlines (PIA), and its Parliamentary Secretary for Communication Gul Asghar Khan confirmed this on Wednesday in the National Assembly. An almost three-year-long privatization process reached its final phase through the auction for the sale of PIA, which started in February 2024.
The update was provided by Khan in response to a query posed by MNA Sharmila Sahiba Faruqui Hashaam. He noted that privatization of PIA was well-thought-out as it included several departments of the government. It was overseen by the Board of Privatization Commission led by the Minister for Privatization whereas its Secretary played a key facilitating role.
PIA is finally up for sale now: Cabinet Committee approves privatization
The Cabinet Committee on Privatization formally approved the auctioning process of PIA. Khan said that the assets of PIA have been separated. Its operational assets have been distinguished so the bidding process will be carried out under PIA Corporation effectively on 30th October.
The privatization of PIA has, over the past few years, formed part of the government’s strategy to resuscitate its struggling national carrier which has experienced financial crises for so long. The auction forms a crucial milestone in that undertaking as it may find new management and investment that will give the airline an uplift to turn around its fortunes.
It will be interesting to follow through with the eventual sale, as this is likely to alter the air travel infrastructure of Pakistan. There is a possibility that PIA might regain its former position as one of the country’s premier airlines in this region. The success of an auction for PIA for sale hinges upon the attractiveness of bids it attracts, such that change suits the needs of both the airline and its stakeholders.
Also, see:
PIA Announces Three-Day Closure of Offices Amid Operational Crisis 12 Oct’24
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