In a major step towards the privatization of the national carrier, a high-level government committee has officially backed the top financial offer for Pakistan International Airlines (PIA).
CCoP Gives Green Light to Top Bidder
The Cabinet Committee on Privatisation (CCoP), in a meeting held on Tuesday, endorsed the Rs135 billion bid submitted by a consortium led by the Arif Habib Group. The committee recommended that the federal cabinet grant its final approval for the sale of a 75 percent stake in the airline.
The meeting was chaired by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar. The Secretary of the Ministry of Privatization provided the committee with a comprehensive briefing on the planned future steps for the privatization of Pakistan International Airlines Corporation Limited (PIACL).
Bidding War and Final Endorsement
This endorsement follows a competitive bidding process that concluded last week. The Arif Habib Group-led consortium emerged as the winning bidder with its offer of Rs135 billion. Their closest competitor, the Lucky Cement Group, had increased its bid to Rs134 billion. The entire process began with a base price set at Rs115 billion, which was the highest bid received in the initial phase of the transaction.
With Tuesday's decision, the CCoP has formally thrown its weight behind the highest offer, paving the way for the final cabinet decision.
A Push for Swift Action and Future Hopes
During the meeting, Deputy Prime Minister Ishaq Dar urged all relevant departments and officials to take prompt and timely actions. He emphasized the need to ensure the early finalization of the entire privatization process.
Dar expressed the government's strong hope and desire that this strategic move will lead to a significant turnaround for the airline. The ultimate goal, as stated, is to see PIA regain its past glory and become a prosperous and efficient entity once again.
The high-level meeting saw attendance from several key figures, including:
- Federal Ministers for Power
- Advisors to the Prime Minister on Privatisation, and Industry and Production
- Special Assistants to the PM (SAPMs) Tariq Bajwa and Bilal Kiyani
- Federal Secretaries from the Cabinet, Privatization, Defence, Law, Power, and Privatization Commission divisions
- Senior officers from the Industries department and other concerned ministries
