Govt Extends Deadline for Expressions of Interest to Buy PIA

Ameeting of the Privatization Commission Board was held today under the chairmanship of the Federal Minister for Privatization Abdul Aleem Khan where approval was given for extension of the date for submission of interest for the divestment of Pakistan International Airlines Corporation Limited (PIACL) till May 18.

A statement issued by the Press Information Department said that the extension was given on the request of interested parties. Ten entities have already shown their interest for the acquisition of PIACL shares, the statement added.

The invitation for expression of interest in acquiring the majority stakes in PIACL was advertised both locally and internationally on 2nd and 3rd April, 2024.

The Board also considered the recommendations of all the Ministries of the Federal Government for the Privatization Programme (2024-29) and approved their submission to the Cabinet Committee on Privatization (CCoP) with its observations. Approval was also given to the proposed amendments in PC (Hiring of Financial Adviser), Regulations, 2018.

A total of twenty one entities have been recommended by the ministries for inclusion in the privatization list out of which 15 entities are already in the active list. The six new suggestions for the privatization list include Postal Life Insurance Company Limited (PLICL), Zarai Taraqiati Bank Ltd., Utility Stores Corporation (USC), Jamshoro Power Company Limited (GENCO-I), Lakhra Power Generation Company Limited (GENCO-IV) and Hazara Electric Supply Company (HAZECO).

The board observed that the Ministries had described many SOEs as strategic and essential but the decision in this regard can only be taken by CCoSOE. The board directed that the Ministries shall place their recommendations before CCoSOE and the entities not deemed strategic or essential may then be placed on privatization list.

The Board approved the proposed amendment in the PC (Hiring of Financial Adviser), Regulations, 2018, to enable the Privatization Commission to prequalify financial advisors so that the time required for appointment of Financial Advisors for transactions can be reduced further.