ISLAMABAD: The Pakistani government will seek fresh expressions of interest for the sale of Pakistan International Airlines later this month, a government adviser said on Thursday, two days after PIA reported its first annual profit in over two decades.
Pakistan has been looking to offload a 51-100 percent stake in debt-ridden PIA, part of an effort to raise funds and reform cash-bleeding state-owned enterprises as envisaged under a $7 billion International Monetary Fund program.
However, Islamabad’s attempt to privatize PIA last year fell flat when it received only a single offer, well below the asking price of more than $300 million.
Pakistan has offloaded almost all of the national carrier’s legacy debt and shifted it to government books after bidders raised issues that had led to the failed attempt, according to the privatization ministry.
“In our last attempt to privatise PIA, pre-qualified bidders had some issues with taxation and the balance sheet. Those are taken care of now,” Muhammad Ali, government adviser on privatization, told Reuters. “We plan to publish the new Expression of Interest (EoI) by the last week of April 2025,” he said.
The government plans to complete the airline’s privatization before the end of this year.
“We are also revising the pre-qualification criteria,” he said, adding that the reference price could also be revised keeping in view the latest accounts and changes in the balance sheet.
Prime Minister Shehbaz Sharif last year announced plans to sell all SOEs.
The adviser said that the process to privatise power distribution companies had also started, terming it a “high priority transaction.”
He said some companies previously due to be sold in the second phase were being pushed into the first phase.
The adviser said the government had appointed Jones Lang LaSalle to advise on exploring different sales options for the PIA-owned Roosevelt hotel building in Manhattan, New York. They include selling the building as it is or opting for a joint venture with a top tier developer, which has the potential to generate proceeds five times higher, Ali said.
Pakistan to seek fresh bids for national airline, says adviser
https://arab.news/vkda2
Pakistan to seek fresh bids for national airline, says adviser
- Pakistan has been looking to offload a 51-100% stake in debt-ridden PIA
- Attempt to privatize PIA last year fell flat when Pakistan got only one bid
Bahraini commander witnesses Pakistan Navy passing-out parade in Karachi
- Rear Admiral Ahmed Mohamed bin Ali says it is a matter of immense pleasure for him to review commissioning of personnel at his alma mater
- The training you have received has prepared you to step into a challenging yet deeply satisfying career, he tells young officers, midshipmen
ISLAMABAD: Rear Admiral Ahmed Mohamed Ebrahim Al bin Ali, commander of Royal Bahrain Naval Force, witnessed passing-out parade of Pakistan Navy’s 124th Midshipmen and 32nd Short Service Commission Course in Karachi, where he spoke with the newly inducted officers.
The passing-out parade was held at the Pakistan Naval Academy, at which Commandant Commodore Zia-ur-Rehman congratulated 90 midshipmen and 38 cadets who had completed short service commission after going through academic and training phases.
In his address, Rear Admiral Ali said it was a matter of immense pleasure for him to review the commissioning of personnel at his alma mater, the Pakistan Naval Academy, which he had joined as a cadet in February 1983.
“You must be confident and self-assured that you have been trained at one of the best naval academies of the region. The training you have received at Pakistan Naval Academy has prepared you to step into a challenging yet deeply satisfying career,” he told the young officers and midshipmen.
“It has equipped you with essential military and academic skills and you should spare no effort to build up on these to achieve excellence in your professions.”
Pakistan armed forces have long been training cadets and officers from friendly countries. Currently, the Pakistan Naval Academy is training future officers from Bahrain, Djibouti, Iraq, Sri Lanka and Turkiye.
The Bahraini commander said that being here as the chief guest had taken him back to yesteryears and he would have flashbacks of the familiar sounds and aura of this naval academy.
“I cannot help but marvel at the wonderful transformation that has taken place since my days,” he said.
Pakistan and Bahrain have maintained close diplomatic, security, trade and defense relations and have undertaken joint training and security initiatives, besides regular high-level exchanges.
Bahrain’s Read Admiral Ali met Pakistan Naval Chief Admiral Naveed Ashraf earlier this week, according to Pakistan Navy. They discussed matters of mutual interest, regional maritime security and avenues for bilateral naval cooperation.
Earlier in Sept., Pakistan and Bahrain agreed to enhance cooperation in naval training and regional maritime security operations. During the same month, the Bahraini Chief of Defense Staff Lt. Gen. Thiab Saqer Abdulla Al-Nuaimi met with Pakistan’s Air Chief Marshal Zaheer Ahmed Baber Sidhu and expressed Bahrain’s interest in learning from the PAF’s experience in multi-domain operations.
