- Last year, Govt obtained a single offer less than $ 300 million.
- The sale aims to collect funds and support IMF reforms.
- New offers approved after solving last year’s problems.
Islamabad: The government will request expressions of interest next week for the sale of Pakistan International Airlines (PIA), the Ministry of Privatization announced on Thursday, a few days, after the carrier of the national flag announced its first annual benefit in addition to two decades.
The authorities have sought to sell a 51 to 100% participation in the debt airline to collect funds and reform companies belonging to cash species, as planned as part of an international monetary fund program of $ 7 billion.
His unsuccessful attempt to privatize the PIA last year received a single offer, well below the requested price of more than $ 300 million.
The board of directors of the privatization committee approved the search for new offers, the ministry said in a statement.
“The board of directors has approved the pre-qualification criteria for the selection of potential bidders,” he said. He added new expressions of interest to buy between 51 and 100% of the airline would be sought next week.
Pakistan has moved almost the entire debt inherited from the national carrier to government books after the problems raised by bidders led to the failure of the last attempt to privatize.
Muhammad Ali, the privatization advisor, said last week that all the questions raised at the time of last year’s failed attempt had been dealt with.
The government plans to finish the privatization of the airline before the end of this year.
Prime Minister Shehbaz Sharif announced last year his intention to sell all public enterprises.
The advisor in his press release last week said that the process of privatizing electricity distribution companies had also started, which described it as “high priority transaction”.
He said that certain companies were to be sold during the second phase were pushed in the first phase.
The advisor said the government had appointed Jones Lang Lasalle to advise various sales options for the Roosevelt hotel building on Pia in Manhattan, New York.
They include the sale of the building as it is or to opt for a joint venture with a high -level developer, who has the potential to generate profits five times higher, said Ali.