ISLAMABAD: A Financial Services Agreement (FASA) was signed between Privatisation Commission and the Financial Advisor for Divestment of Pakistan International Airlines Corporation (PIACL) in the presence of Minister for Privatisation, Fawad Hasan Fawad.

The consortium led by Earnest & Young were invited for contract negotiations as Financial Advisor after approval by the Privatisation Commission Board in its meeting on 10th November, 2023.

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The financial advisor will be responsible for restructuring and carrying out legal, technical and financial due diligence for the proposed divestment together with fair valuation of PIACL.

The Minister expressed the hope and desire that the transaction will be carried out successfully despite the challenging economic environment. He assured the Financial Advisor of complete support of all institutions involved in the process to facilitate their work with a view to perform their task seamlessly in best possible interest.