Privatisation Comission Board Decides to Re-start PIA Privatisation Process
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Privatisation Comission Board Decides to Re-start PIA Privatisation Process
By Shahbaz Rana
Published: November 3, 2017
ISLAMABAD: In a major policy shift, the Privatisation Commission (PC) board on Thursday decided to reinitiate the process of privatising Pakistan International Airlines (PIA).
The privatisation of PIA is the unfinished agenda of the previous IMF bailout of $6.2 billion.
The board decided to sell majority stake in PIA to private parties, requesting the government to amend the PIA law that barred transfer of ownership to private hands.
A joint session of parliament had passed the PIAC Conversion Act 2016 whereby the entity was converted into a public limited company.
Under pressure from the PPP, the government inserted sub-section 4 into Section 4 of the PIAC Act that restricts the federal government from transferring management of the airline and binds it to retain 51% shares in PIA.
The privatisation minister said the PC board recommended that this section must be amended to pave the way for PIA privatisation. Despite making efforts, PIA’s affairs had not improved and the management had started closing its routes, he said. On Wednesday, the ECC approved a Rs13.6-billion bailout package for PIA.
Source: [ltr]tribune.com.pk[/ltr]
Published: November 3, 2017
ISLAMABAD: In a major policy shift, the Privatisation Commission (PC) board on Thursday decided to reinitiate the process of privatising Pakistan International Airlines (PIA).
The privatisation of PIA is the unfinished agenda of the previous IMF bailout of $6.2 billion.
The board decided to sell majority stake in PIA to private parties, requesting the government to amend the PIA law that barred transfer of ownership to private hands.
A joint session of parliament had passed the PIAC Conversion Act 2016 whereby the entity was converted into a public limited company.
Under pressure from the PPP, the government inserted sub-section 4 into Section 4 of the PIAC Act that restricts the federal government from transferring management of the airline and binds it to retain 51% shares in PIA.
The privatisation minister said the PC board recommended that this section must be amended to pave the way for PIA privatisation. Despite making efforts, PIA’s affairs had not improved and the management had started closing its routes, he said. On Wednesday, the ECC approved a Rs13.6-billion bailout package for PIA.
Source: [ltr]tribune.com.pk[/ltr]
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