A meeting of Cabinet Committee on Privatisation (CCoP), presided over by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, endorsed the Rs135 billion bid of Arif Habib Group-led consortium for 75 percent shares of PIA and recommended its approval by the cabinet.
The development comes after a consortium led by the Arif Habib Group last week emerged as the winning bidder for the acquisition of a 75 percent stake in PIA, submitting a top bid of Rs 135 billion —35 percent above the government’s reference price—and committing to invest an additional Rs 80 billion over the next five years.
Adviser to the Prime Minister on Privatisation Muhammad Ali had chaired the bidding process held by the Privatisation Commission for 75 percent shares of PIACL at a local hotel in Islamabad.
At the forum today, the secretary Ministry of Privatisation provided a detailed briefing on future course of action of the Pakistan International Airline Holding Company Limited (PIACL)’s privatization, the Office of DPM said in a statement.
READ MORE: PIA finally goes private for Rs135bn: Arif Habib Group-led consortium makes highest bid for 75% stake
The deputy prime minister urged all concerned authorities to take timely action to ensure early finalisation of the privatisation with the hope and desire that this will lead to the PIA regaining its glory days.
The meeting was attended by the minister of power, advisors to the prime minister on privatisation, industry and production; special assistants to PM Tariq Bajwa and Bilal Kiyani; federal secretaries of cabinet, privitisation, defence, law, power and privitisation commission, industries and other senior officer from concerned departments.
Ex-employees PIA thank govt for continuation of allowances
Meanwhile, the Pakistan International Airlines Retired Employees Association (PIAREA) thanked government for continuation of allowances and all other benefits following the privatisation of the PIA.
The association conveyed its views during its 16th annual gathering held under the chairmanship of Syed Tahir Hassan. A large number of retired PIA employees attended the meeting, according to a press release quoted by APP on Tuesday.
The PIAREA office-bearers said the government has assured the continuation of pensions, medical facilities and concessional travel tickets for retired employees after privatisation.
They particularly acknowledged the prime minister, Chairman of the Privatisation Commission Muhammad Ali, PIAHCL Chairman Tariq Bajwa, and others for their support.
Welcoming the assurances, the participants termed the decision a significant step towards safeguarding the welfare and well-being of retired PIA employees.
