- Extended date of 15 days from the previous deadline of June 3.
- The manager indicates that the date has been extended due to Eid Ult Adha.
- The process is one of the reforms agreed with the IMF by virtue of the eff.
Islamabad: Pakistan has granted potential investors more time to prepare their offers for the privatization of Pakistan International Airlines Corporation Limited (Piacl), extending the deadline for the submission of expressions of interest (EO) until June 19.
This 15 -day extension of the original deadline of June 3 aims to facilitate a broader participation in one of the country’s most important disinvestment initiatives in recent memory.
A senior official of the privatization commission confirmed the extension of The newsdeclaring that all other terms and conditions for the acquisition remain unchanged.
The government offers majority participation, ranging from 51% to 100% equity in Piacl, as well as complete management control.
Asked about the reason for the extension, the manager said that this was due to the ULDA AID.
This decision comes as the government goes forward with plans to privatize the national carrier of losses in order to reduce the budget deficit, repair ineffective state companies and attract foreign investments.
The process is one of the reforms agreed with the International Monetary Fund (IMF) under prolonged funding (EFF).
To make the agreement more attractive, Islamabad introduced new incentives, including exemptions from TPS on new planes and the discrepancy of PIA debt out of its balance sheet.
These changes aim to present a “net-zero assessment” to PIA to PIA to potential buyers. A revised price reference for the agreement can also be established soon.
The current plan offers a simplified and cleaner transaction compared to an attempt at previous failure, which offered 60% of shares with an optional recharge of 15%. At the time, PIA’s negative equity of 45 billion rupees and 18% of TPS on planes were key roadblocks.
With the approval of the IMF, these liabilities are now absorbed by the government, which makes the agreement more attractive. EY Consulting LLC advises the Privatization Commission on the sale. The government hopes to conclude the process during the current calendar year.