ISLAMABAD: The caretaker government will not be able to privatize PIA in the next 3 months, it will be ready for bidding by the end of January.
Privatization Minister Fawad Hasan Fawad told that 3 out of 8 companies, which are among the top 20 financial advisory firms, have submitted Pakistan’s request for a proposal to prepare a plan to privatize PIA and split it into two entities, good and bad. Answered.
He said that till the date expired, the Privatization Commission had received technical and financial proposals from the companies. The interest of these companies would boost the government’s privatization efforts. There were concerns that financial advisers might not show interest due to Pakistan’s poor track record of hiring earlier advisers and abandoning transactions including PIA.
Fawad Hasan Fawad said that Pakistan had sent documents directly to 25 top firms using the table of league mechanism but only 3 of them responded. These firms were requested to give majority stake in PIA. Make suggestions for structuring transactions for sales. 5 out of 8 bids were received from firms that had already applied against the process administered by the Ministry of Aviation to hire financial consultants.