The new owners of Pakistan International Airlines (PIA) are aiming to list the national flag carrier on the Pakistan Stock Exchange within a year of its operational takeover, reported Bloomberg.
The new owners plan to offer between 5 percent and 10 percent of PIA’s shares to the public as part of the proposed listing.
The consortium, led by major business groups, recently purchased a 75 percent stake in the national flag carrier from the government for Rs. 135 billion (approximately $482 million). Aqeel Karim Dhedhi, Chairman of AKD Group, holds a 16 percent stake in the consortium.
The new management aims to revive the airline by restoring profitability and regaining lost market share.
The consortium is trying to revive direct international flight operations. Currently, many Pakistani passengers travel via transit hubs operated by airlines based in Qatar, the United Arab Emirates, Saudi Arabia, and Turkey. The new owners see direct connectivity to make PIA compete more effectively and recover outbound passenger traffic.
Besides the PIA business, the privatization commission is seeking a partner to redevelop the Roosevelt Hotel in New York and is moving forward with plans to privatize power distribution companies to help support the move.