Shaheen Air International (SAI) has finalized its acquisition deal with a Saudi Prince. The takeover is likely to happen over the course of the next 2 months.
Javed Sehbai, Acting CEO, SAI said:
We have finalized the deal with a Saudi Prince. We will be conducting a press conference very soon to announce our Investor and share the details of the acquisition. This deal will be a breakthrough for the airline as well as for Pakistani aviation industry itself.
He further added,
It’s a matter of few weeks that Shaheen Air will be in the skies again and shine brighter than before. We are very thankful to our regulator CAA and FBR. Due payments of government regulatory bodies and our employees’ salaries are our first priority and will be cleared during the first stage of our investment plans.
Earlier it was reported that the Saudi prince had called off the deal after SAI reportedly submitted a fake audit report and business plan.
Shaheen Air, however, denied the report by saying that there was no such deal on the cards and that the airline is at the edge of getting things sorted out in its best interest.
“It is not very far that Shaheen will shine again in much brighter way than ever”, said an email statement from Shaheen shared with ProPakistani.
The Airline is on default; it owes Rs. 1.44 billion to the Civil Aviation Authority (CAA) which has canceled its Regular Public Transport License (RPTL) earlier this year on non-payment.
The CAA has also served a final notice for the recovery of leased land and office rent. The airline has no aircraft in its fleet at present.