ISLAMABAD: Pakistan is mulling transaction structure for a second attempt to sale 51-100 percent share of its loss-making national carrier, the Pakistan International Airlines (PIA), the Privatization Commission said on Tuesday.
Cash-strapped Pakistan is looking to privatize the debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund (IMF) program secured last year.
Late last year, a deal fell through after a potential buyer reportedly offered $36 million for a 60 percent stake in the national flag carrier, a fraction of the asking price of approximately $303 million.
On Tuesday, Muhammad Ali, Pakistan prime minister adviser on privatization, presided over the commission’s board meeting to discuss transaction structure for the divestment of the Pakistan International Airlines Corporation Limited (PIACL).
“The board recommended to CCOP (Competition Commission of Pakistan) the transaction structure proposed for the 2nd attempt of PIACL privatization based on divestment of 51 percent to 100 percent share capital of PIACL together with the management control of PIACL,” the Privatization Commission said.
“The final terms and conditions for the transfer and acquisition of equity stake shall be finalized during course of bidding process and set out in the bid documents for approval by CCOP.”
In June, the government had pre-qualified six groups, but only real-estate development company Blue World City participated in the bidding process to acquire the airline.
Among concerns raised by potential bidders for the PIA stake include policy continuity, honoring contracts, inconsistent government communication, unattractive terms and taxes on the sector, and the flag carrier’s legacy issues and reputation.
Officials say PIA’s cumulative losses alone are close to $3 billion, with the total asset valuation of the airline standing at approximately $572 million.
Earlier this year, PIA resumed operations in Europe, after a 2020 ban by the European Union Aviation Safety Agency (EASA) over concerns about the ability of Pakistani authorities and its Civil Aviation Authority (PCAA) to ensure compliance with international aviation standards.
EASA and UK authorities both suspended permission for PIA to operate in the region after Pakistan began investigating the validity of pilots’ licenses following a deadly plane crash that killed 97 people. Pakistan hopes new European routes and flying approval to the UK will boost PIA’s selling potential.
Pakistan mulls transaction structure for second attempt to privatize loss-making national airline
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Pakistan mulls transaction structure for second attempt to privatize loss-making national airline
- Last year, a deal fell through after a potential buyer reportedly offered $36 million for a 60 percent stake in PIA, a fraction of the asking price
- Pakistan is looking to privatize the debt-ridden airline to raise funds and reform state-owned enterprises as envisaged under a $7 billion IMF program
‘Out of the question’ Pakistan’s Nadeem will attend Bengaluru meet, Indian javelin hero Chopra says
- Chopra had earlier announced world’s top throwers, including Olympian Nadeem, had been invited to first Neeraj Chopra Classic on May 24
- Tuesday’s attack in Kashmir prompted heavy criticism of Chopra’s decision to invite Nadeem even though he was unlikely to attend
NEW DELHI: India’s Olympic javelin gold medalist Neeraj Chopra said it was now “completely out of the question” that rival Arshad Nadeem of Pakistan will attend his meet in Bengaluru next month following Tuesday’s deadly militant attack in Indian-administered Kashmir.
Relations between nuclear-armed neighbors India and Pakistan have plummeted to their lowest level in years after the killing of 26 tourists on Wednesday.
A day before the attack, Chopra had announced that the world’s top throwers, including Paris Olympics champion Nadeem, had been invited to the first Neeraj Chopra Classic on May 24, an event he hoped would pave the way for a Diamond League meet in India one day.
However, the attack in Kashmir prompted heavy criticism of Chopra’s decision to invite Nadeem, even though it was unlikely the Pakistan thrower was going to attend.
“There has been so much talk about my decision to invite Arshad Nadeem to compete in the Neeraj Chopra Classic, and most of it has been hate and abuse,” Chopra, who won gold in Tokyo and silver in Paris, said in a social media post on Friday.
“The invitation I extended to Arshad was from one athlete to another — nothing more, nothing less. The aim of the NC Classic was to bring the best athletes to India and for our country to be the home of world-class sporting events.
“After all that has taken place over the last 48 hours, Arshad’s presence at the NC Classic was completely out of the question.”
Media reports said Nadeem, Pakistan’s first individual Olympic gold medalist, had opted not to attend the Bengaluru meet, which clashed with his training schedule for the Asian Championships in South Korea next month.
The soured relations between the two countries also spilled over to the sports world earlier this year when India’s cricket team refused to travel to Pakistan for the Champions Trophy and played all their matches, including the March 9 final, in Dubai.
Islamabad says army ‘fully prepared’ as Indian and Pakistani troops exchange fire in Kashmir
- India accuses Pakistan of involvement after attack in Indian-administered Kashmir, Islamabad calls charges “devoid of rationality”
- There is growing concern since Tuesday’s attack that India could conduct military strikes in Pakistani territory as it did in 2019
ISLAMABAD: Pakistani Foreign Office Spokesman Shafqat Ali Khan said on Thursday the country’s armed forces were “fully prepared” to defend its sovereignty as troops from Pakistan and India exchanged fire overnight across the Line of Control in disputed Kashmir.
Relations have plunged to their lowest level in years, with India accusing Pakistan of supporting “cross-border terrorism” after gunmen carried out the worst attack on civilians in Indian-administered Kashmir for a quarter of a century. Pakistan has rejected India’s accusations as being “devoid of rationality,” saying they were made without any “credible investigation” or “verifiable evidence.”
Both nations have since announced tit-for-tat measures, including closing the only open land border they share, and suspending special South Asian visas that enabled people to travel between them. They have declared each other’s defense advisers in missions in New Delhi and Islamabad persona non grata and reduced the strength of their embassies.
India has also suspended a critical treaty that regulated the sharing of water from the Indus River and its tributaries, with Pakistan warning that any attempt to stop or divert its water would be considered an act of war and met with “full force.” Pakistan has paused all bilateral agreements, suspended all trade with India, including to and from any third country and closed its airspace to all Indian-owned and Indian-operated airlines.
“The National Security Committee underscored that Pakistan, its armed forces, remain fully capable and prepared to defend its sovereignty and territorial integrity against any misadventure,” the foreign office spokesman told a weekly news briefing, referring to Thursday’s meeting of top Pakistani military and civilian officials to finalize Islamabad’s response to India’s accusations and escalatory actions.
“The Pakistani nation remains committed to peace, but will never allow anyone to transgress its sovereignty, security, dignity and their inalienable rights.”
There is growing concern since Tuesday’s attack that India could conduct a military strike in Pakistani territory as it did in 2019 in retaliation for a suicide bombing in Pulwama in Indian-administered Kashmir in which at least 40 Indian paramilitary police were killed. Pakistan had denied official complicity in that assault. Several leaders of Prime Minister Narendra Modi’s Hindu nationalist Bharatiya Janata Party have also variously called for military action against Pakistan this week.
Speaking to an international media outlet on Thursday evening, Pakistani Defense Minister Khawaja Muhammad Asif said Islamabad would respond “in kind and with full force” to any Indian incursion on the pretext of Tuesday’s militant attack.
Meanwhile, Syed Ashfaq Gilani, a government official in Pakistan-administered Kashmir known as Azad Kashmir, told AFP Friday that troops exchanged fire along the Line of Control (LOC), which runs 742km (460 miles), dividing Indian- and Pakistan-controlled Kashmir, and acts as part of the de facto border between the two countries. The military frontline, which runs through inhospitable terrain, has separated hundreds of families and even divided villages and mountains.
“There was no firing on the civilian population,” Gilani added.
India’s army confirmed there had been limited firing of small arms that it said had been “initiated by Pakistan,” adding it had been “effectively responded to.”
India’s army chief is expected to review security arrangements on Friday and visit the site in the Pahalgam area of Tuesday’s attack, Reuters reported on Friday, quoting army sources.
The two countries both claim Muslim-majority Kashmir in full but rule it in part. India, a Hindu majority nation, has long accused Muslim-majority Pakistan of aiding separatists who have battled security forces in its part of the territory — accusations Islamabad denies.
Pakistan to respond to any Indian incursion ‘in kind,’ defense minister says
- The statement comes after an attack in Indian-administered Kashmir’s Pahalgam which has brought India, Pakistan to the brink of another war
- Pakistan Defense Minister Khawaja Asif says they strongly suspect the Pahalgam attack, which killed 26 tourists, to be a ‘false-flag operation’
ISLAMABAD: Pakistan Defense Minister Khawaja Muhammad Asif has said that Islamabad will respond “in kind” to any Indian incursion on the pretext of a militant attack in Indian-administered Kashmir that killed over two dozen tourists this week.
India has said there were Pakistani elements in Tuesday’s attack, when militants shot dead 26 men in a meadow in the Pahalgam area. Islamabad has denied any involvement and described Indian allegations as “frivolous.”
The nuclear-armed nations have unleashed a raft of measures against each other, with India keeping a critical river water-sharing treaty in abeyance and Pakistan closing its airspace to Indian airlines, among other steps.
Indian Prime Minister Narendra Modi on Thursday vowed to chase the perpetrators of the Pahalgam attack to “the ends of the earth” after Indian police identified two of the three fugitive gunmen as Pakistani. India has not shared any proof to support its claims.
“If there is incursion from Indian side, Pakistan will meet that incursion in kind and [with] full force,” Asif said in an international media interview shared on Friday.
“We cannot allow this incursion of our soil, of our country. This is something which is very fundamental for the Pakistanis.”
Both Pakistan and India claim Muslim-majority Kashmir in full but rule it in part and have fought two of their three wars over the disputed region. India has long accused Pakistan of aiding separatists who have battled security forces in the part of the territory it controls, accusations Islamabad denies.
Since Tuesday’s attack, there have been calls for and fears that India could conduct a military strike in Pakistani territory as it did in 2019 in retaliation for a suicide bombing in Pulwama in Indian-administered Kashmir that killed at least 40 Indian paramilitary police. Several leaders of Modi’s Hindu nationalist Bharatiya Janata Party have called for military action against Pakistan.
Last week, Pakistan’s Army Chief General Asim Munir also voiced his support for the Kashmiri people, reiterating that Kashmir is the "jugular vein" of Pakistan.
“Our stance on Kashmir is absolutely clear. It was our jugular vein and it is our jugular vein,” he said at a convention of Overseas Pakistanis. "We will not forget it and we will not leave our Kashmiri brethren in their heroic struggle against the Indian occupation."
Indian officials and media have also criticized recent comments by the Pakistan army chief in support of Kashmiris’ right to self-determination, and linked it with the Pahalgam attack.
Asif said there was “absolutely no linkage” between Gen. Munir’s remarks and what happened in Pahalgam, adding that they suspected Tuesday’s attack to be a “false-flag operation.”
“There is absolutely no linkage. We make these speeches and, sort of, reiterate our commitment to Kashmir, which is a very fundamental commitment. It is something which goes with our existence as a state,” he said.
“We suspect, very strongly suspect, this was a false-flag operation and Pulwama, the last time, you are talking about 2019, ultimately proved to be a hoax. It was admitted by the India media that it was a hoax created or orchestrated to, you know, blame Pakistan for something which was never connected to Pakistan, and ultimately they were humiliated.”
As both India and Pakistan teeter on the brink of another conflict, there have been calls by the United Nations (UN) for both nuclear-armed rivals to show “maximum restraint,” while the United States (US) has said it is “closely” monitoring the situation.
US says ‘closely’ monitoring situation after attack on tourists in Kashmir
- The attack in Pahalgam, which killed 26 people, has once again brought India and Pakistan to the brink of another war
- The UN has urged both nations to show ‘maximum restraint’ as the nuclear-armed rivals announced tit-for-tat measures
ISLAMABAD: The United States (US) is “closely” monitoring the situation after an attack on tourists in Indian-administered Kashmir, the State Department said on Thursday, as both India and Pakistan teeter on the brink of another conflict.
India and Pakistan have come close to a war as the two nuclear-armed South Asian neighbors downgraded diplomatic and trade relations, closed the main border crossing and revoked visas for each other’s nationals in tit-for-tat moves this week.
Indian Prime Minister Narendra Modi has vowed to pursue and punish the gunmen responsible for killing 26 civilians in the tourist hotspot of Pahalgam on Tuesday, accusing Pakistan of supporting “cross-border terrorism.” Pakistan has denied it was behind the attack, claimed by a previously unknown militant group.
“As we all know, it’s a rapidly changing situation and we are monitoring it closely,” State Department spokesperson Tammy Bruce said during a press briefing.
The statement came after Modi vowed to hunt down the gunmen responsible for killing 26 civilians in Pahalgam and the Indian police identified two of the three fugitive gunmen as Pakistani.
“I say to the whole world: India will identify, track and punish every terrorist and their backer,” Modi said, in his first speech since Tuesday’s attack in the Himalayan region. “We will pursue them to the ends of the Earth.”
Islamabad has called the attempts to link Pakistan to the Pahalgam attack “frivolous” and vowed to respond to any Indian action.
“Any threat to Pakistan’s sovereignty and to the security of its people will be met with firm reciprocal measures in all domains,” a Pakistani government statement said.
Kashmir has been divided between India and Pakistan since their independence in 1947, with both claiming the territory in full but governing separate portions of it. The Muslim-majority region has been the cause of two of their three wars and also witnessed a bloody insurgency against Indian rule.
Bruce, however, declined to comment on the status of the disputed region.
“We, of course, are not now taking a position on the status of Kashmir or of Jammu either,” she said.
Also on Thursday, the United Nations urged both India and Pakistan to show “maximum restraint” as the nuclear-armed rivals imposed tit-for-tat diplomatic measures.
India and Pakistan urged to have ‘maximum restraint’ after Kashmir attack
- Relations have plunged to their lowest level in years after gunmen carried out the worst attack on civilians in Indian-administered Kashmir
- Kashmir has been divided between India and Pakistan since independence in 1947, with both claiming the territory in full but governing in part
NEW DELHI: The United Nations urged India and Pakistan to show “maximum restraint” as the nuclear-armed rivals imposed tit-for-tat diplomatic measures over a deadly shooting in Kashmir.
Relations have plunged to their lowest level in years, with India accusing Pakistan of supporting “cross-border terrorism” after gunmen carried out the worst attack on civilians in contested Muslim-majority Kashmir for a quarter of a century.
“We very much appeal to both the governments... to exercise maximum restraint, and to ensure that the situation and the developments we’ve seen do not deteriorate any further,” UN spokesman Stephane Dujarric told reporters in New York on Thursday.
“Any issues between Pakistan and India, we believe, can be and should be resolved peacefully through meaningful mutual engagement.”
Indian Prime Minister Narendra Modi on Thursday vowed to hunt down the gunmen responsible for killing 26 civilians at the popular tourist site of Pahalgam, after Indian police identified two of the three fugitive gunmen as Pakistani.
“I say to the whole world: India will identify, track and punish every terrorist and their backer,” Modi said, in his first speech since Tuesday’s attack in the Himalayan region.
“We will pursue them to the ends of the Earth.”
Denying any involvement, Islamabad called attempts to link Pakistan to the Pahalgam attack “frivolous” and vowed to respond to any Indian action.
“Any threat to Pakistan’s sovereignty and to the security of its people will be met with firm reciprocal measures in all domains,” a Pakistani statement said, after Pakistan Prime Minister Shehbaz Sharif held a National Security Committee meeting with top military chiefs.
Kashmir has been divided between India and Pakistan since their independence in 1947, with both claiming the territory in full but governing separate portions of it.
Rebel groups have waged an insurgency in Indian-controlled Kashmir since 1989, demanding independence or a merger with Pakistan.
India’s air force and navy both carried out military exercises Thursday.
Indian police say the three gunmen are members of the Pakistan-based Lashkar-e-Taiba group, a UN-designated terrorist organization.
They offered a two million rupee ($23,500) bounty for information leading to each man’s arrest.
A day after the attack, New Delhi suspended a water-sharing treaty, announced the closure of the main land border crossing with Pakistan, downgraded diplomatic ties, and withdrew visas for Pakistanis.
In response, Islamabad on Thursday ordered the expulsion of Indian diplomats and military advisers, canceling visas for Indian nationals — with the exception of Sikh pilgrims — and closing the main border crossing from its side.
Pakistan also warned any attempt by India to stop the supply of water from the Indus River would be an “act of war.”
Pahalgam marks a dramatic shift in recent Kashmiri rebel attacks, which typically target Indian security forces.
Experts say that a military response may still be in the pipeline, with some speculating that it may come within days while others say weeks.
In 2019, a suicide attack killed 41 Indian troops in Kashmir and triggered Indian air strikes inside Pakistan, bringing the countries to the brink of all-out war.
“Whatever little land these terrorists have, it’s time to reduce it to dust,” Modi said on Thursday, after holding two minutes of silence in memory of those killed, all but one of whom was Indian.
India has taken its time to respond to past attacks.
The worst attack in recent years in Indian-run Kashmir was at Pulwama in 2019, when insurgents rammed a car packed with explosives into a police convoy, killing 40 and wounding 35.
Indian fighter jets carried out air strikes on Pakistani territory 12 days later.
Tuesday’s assault occurred as tourists enjoyed tranquil mountain views at the popular site at Pahalgam, when gunmen burst out of forests and raked crowds with automatic weapons.
Survivors told Indian media the gunmen targeted men and spared those who could give the Islamic declaration of faith.
Indian security forces have launched a vast manhunt for the attackers, with large numbers of people detained.
The attack has enraged Hindu nationalist groups, and students from Kashmir at institutions across India have reported experiencing harassment and intimidation.
