There were speculations that either Fly Emirates or Etihad Airways will buy stakes in Pakistan International Airlines (PIA) after government announced to privatize the national flag carrier.
Once regarded as one of the best airlines in the world, PIA is now struggling to attract buyers mostly because of government’s ignorance and incompetent management.
There was a time when PIA wet-leased two aircrafts to Emirates when it started its operations in 1985. However, Emirates is now one of the best and most profitable airlines in the world. PIA on the other hand is the absolute opposite.
The claims that Emirates will buy PIA have been put to rest by Emirates representatives. The UAE-based airline says that they have no plans to buy any stake in the under-performing and struggling airlines.
The Emirates spokesperson said;
Emirates has no plans to buy or acquire any airline.
We continue to focus on our organic growth, and will partner with other airlines where it benefits our customers and makes commercial sense.
PIA’s overall debt has reached a huge amount of $1.8 billion as of 2016 and the airline loses $30 million a month. Everyday that passes by is a day to forget for PIA. Despite that, government is yet to devise a formidable plan that can turn around the airline’s fortunes.
Via: Arabian Business