ISLAMABAD: The Privatization Commission Board rejected the Rs10 billion bid submitted by Blue World City Consortium for the divestment of 60 percent shares of Pakistan International Airlines Company Limited (PIACL) on 31st October 2024.

Federal Minister for Privatization, Board of Investment and Communications Abdul Aleem Khan chaired a high-level meeting of the Privatization Commission Board in which various issues including the privatisation of PIA were discussed and recommendations were approved.

In this meeting, it was decided to refer the issue of privatisation of PIA to the Cabinet Committee, while the Privatization Commission Board meeting was briefed on various issues of privatisation and satisfaction was expressed over the development so far.

‘Can’t sell PIA for peanuts,’ says Aleem

In the meeting of the PC Board, it was decided to form three-member committee to participate in the process of privatisation by the members of the board.

In this 227th meeting of the board held under the chairmanship of the Minister for Privatization/Chairman Privatization Commission, Abdul Aleem Khan, the board considered the bid of Rs10 billion submitted by Blue World City Consortium for the divestment of 60 percent shares of PIACL on the 31st October 2024 and recommended to reject the bid.

The board also deliberated on the way forward for the divestment of PIACL and considered various options for its early privatisation.

The board further reviewed the status of other ongoing privatization transactions in the meeting.

Aleem Khan said that the privatisation issues will be completed in accordance with the laws and regulations and keeping in views the national interest before us because the final decision on the issues of privatisation of PIA and other institutions has to be taken by the Cabinet Committee.

Aleem Khan directed that the privatisation of state-owned entities including PIA should be carried forward without delay and in future bids offer for privatisation of other institutions should be improved.

He said that we are bound by our oath to do our best for the betterment of the country and nation.

Aleem Khan further said that the framework given by the caretaker government in the privatisation of PIA were taken forward but now we have to keep in mind the concerns of the institutions involved in the privatisation.

The federal minister emphasised that we have to learn from the privatisation process of PIA and have to be more active in future.

In the 227th meeting of the Privatization Commission Board, the secretary Privatization Commission, while giving a briefing on various issues, said that the Board did a good job, various airlines including Turkish and Singapore were interested in the privatisation of PIA so the Privatization Commission Board cannot throw away any party who pre-qualifies for privatisation. In the meeting, various proposals were presented for PIA and the process of privatisation and views were expressed on various issues and important decisions were made.

Aleem Khan extended opportunity to all the members of the Privatization Commission Board and heard their suggestions in detail.

Important issues related to privatisation of other projects were discussed in the meeting, as well.

Copyright Business Recorder, 2024