The meeting of the Cabinet Committee on Privatization (CCOP) was chaired by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, during which the bid of Rs. 135 billion submitted by a consortium led by the Arif Habib Group for 75 percent shares of PIA was approved, and a recommendation was made to the Cabinet for its final approval.
According to sources, this development came after the Arif Habib Group–led consortium was declared the successful bidder last week for the purchase of 75 percent shares in PIA. The consortium offered the highest bid of Rs. 135 billion, which was 35 percent higher than the government’s reference price, and also committed to making an additional investment of Rs. 80 billion over the next five years. Sources further said that the bidding process for 75 percent shares of Pakistan International Airlines Holding Company Limited (PIA-CL) was chaired by the Prime Minister’s Adviser on Privatization, Mohammad Ali, at a local hotel in Islamabad.
During the meeting, the Secretary of the Ministry of Privatization gave a detailed briefing on the future course of action regarding the privatization of Pakistan International Airlines Holding Company Limited (PIA-CL), as announced in a statement issued by the Deputy Prime Minister’s Office. The Deputy Prime Minister directed all relevant authorities to take timely steps to swiftly finalize the privatization process, expressing hope and optimism that this would help PIA regain its former glory.
The meeting was attended by the Minister for Energy, the Prime Minister’s advisers on privatization, industry and production, the Prime Minister’s Special Assistants Tariq Bajwa and Bilal Kiani, federal secretaries of the Cabinet, and senior officials from the Privatization Commission, Defence, Law, Energy, Industry, and other relevant departments.
