Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
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Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
A task force has been formed for the privatization of PIA subsidiary PIA Investments Limited (PIAIL). The task force will be headed by Privatization Minister Muhammad Mian Soomro. Special Assistant to the Prime Minister on Overseas Pakistanis & Human Resource Development Sayed Zulfiqar Abbas Bukhari will also be a member of the task force.
The decision was made at Cabinet Committee on Privatization (CCoP) meeting chaired by Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh in Islamabad today.
Cabinet Committee on Privatization (CCoP) Meeting chaired by Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh.
CEO PIA Air Marshal Arshad Malik and Secretary Aviation Shahrukh Nusrat.
Privatization Minister Muhammad Mian Soomro at the meeting.
Special Assistant to the Prime Minister on Overseas Pakistanis & Human Resource Development Sayed Zulfiqar Abbas Bukhari at the meeting.
Abbas
The decision was made at Cabinet Committee on Privatization (CCoP) meeting chaired by Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh in Islamabad today.
Cabinet Committee on Privatization (CCoP) Meeting chaired by Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh.
CEO PIA Air Marshal Arshad Malik and Secretary Aviation Shahrukh Nusrat.
Privatization Minister Muhammad Mian Soomro at the meeting.
Special Assistant to the Prime Minister on Overseas Pakistanis & Human Resource Development Sayed Zulfiqar Abbas Bukhari at the meeting.
Abbas
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
Hotel Scribe Paris Opera and The Roosevelt Hotel New York City owned by PIA subsidiary PIA Investments Limited (PIAIL).
Hotel Scribe Paris Opera.
The Roosevelt Hotel New York City.
Abbas
Hotel Scribe Paris Opera.
The Roosevelt Hotel New York City.
Abbas
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
ISLAMABAD, Nov 15 (APP): The Cabinet Committee on Privatization (CCoP) on Friday discussed privatization of PIA-Investment Limited and approved a proposal for the constitution of a task force to examine and process all necessary formalities for an early disposal of the PIA properties, including the Roosevelt Hotel in New York and Hotel Scribe in Paris.
Under the decision, the task force would be headed by Privatization Commission Minister Muhammad Mian Soomro and include Special Assistant to Prime Minister on Overseas Pakistanis and HRD Syed Zulfiqar Abbas Bukhari, Secretary Privatization Commission and
Additional Secretary Ministry of Finance as well as legal and financial consultants on the Roosevelt Hotel Corp and any other official deemed necessary to be co-opted by the Task Force.
The CCoP also instructed the PIA Management to present to the CCoP in its next meeting the findings of the feasibility study conducted by it in pursuance of a CCoP decision earlier this year to carry out an appraisal of various management and financial options for gaining optimal returns from the Roosevelt Hotel.
Source: APP
Under the decision, the task force would be headed by Privatization Commission Minister Muhammad Mian Soomro and include Special Assistant to Prime Minister on Overseas Pakistanis and HRD Syed Zulfiqar Abbas Bukhari, Secretary Privatization Commission and
Additional Secretary Ministry of Finance as well as legal and financial consultants on the Roosevelt Hotel Corp and any other official deemed necessary to be co-opted by the Task Force.
The CCoP also instructed the PIA Management to present to the CCoP in its next meeting the findings of the feasibility study conducted by it in pursuance of a CCoP decision earlier this year to carry out an appraisal of various management and financial options for gaining optimal returns from the Roosevelt Hotel.
Source: APP
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
PIA subsidiary PIA Investments Limited (PIAIL) earned profit in 2017.
Source: PIA - Corporate Reports
Financial report for year 2018 not available.
Abbas
Source: PIA - Corporate Reports
Financial report for year 2018 not available.
Abbas
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
Anyone who understands this table better than me please clarify if the profit in 2017 was 1,420 USD or 142,000 USD? Hard to figure out. If it was 1,420 USD who would want to buy this company (PIAIL)?
In the beginning of the news item it is mentioned that feasibility of early disposal of properties should be carried out and then towards the end it says the committee asked PIA management to come up with suggestions to ensure optimal gains from the Roosevelt Hotel. This committee, quite a big one (from the photo), seems unclear in what it wants to do.
In the beginning of the news item it is mentioned that feasibility of early disposal of properties should be carried out and then towards the end it says the committee asked PIA management to come up with suggestions to ensure optimal gains from the Roosevelt Hotel. This committee, quite a big one (from the photo), seems unclear in what it wants to do.
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
Profit in thousand so 1,420 means 1,420,000 dollars.
Or 1.42 million dollars.
Now if PIA sells these hotels and pays off a large part of its debt it will save around 2 billion a month versus earning a 220 million rupees a year in profits.
Selling the hotels is the only salvation PIA will have.
Or 1.42 million dollars.
Now if PIA sells these hotels and pays off a large part of its debt it will save around 2 billion a month versus earning a 220 million rupees a year in profits.
Selling the hotels is the only salvation PIA will have.
P.I.A
God's International Airline
God's International Airline
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
On November 27, CEO PIA Air Marshal Arshad Malik informed National Assembly’s Standing Committee on Cabinet Secretariat at PIA Head Office in Karachi that the airline can acquire aircraft by selling The Roosevelt Hotel. The Privatization Commission is working on it.
PIA intends to induct seven aircraft under a short term plan for its revival, the committee was informed.
Info source: https://e.dunya.com.pk/detail.php?date= ... 4_89841659
Abbas
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
Cool, sell your kidney to buy groceries.
Fortune favours brave.
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
Imagine a man who is earning 100,000 salary.Cool, sell your kidney to buy groceries.
He has gambling debts of 2 crores and has to pay 200,000 interest on his gambling debt.
How does he survive??
He has an apartment that is worth 2 crores, but is on rent and earns 20,000 rupees a month.
OPTION. 1
So he can sell the flat and give up the 20,000 income per month, and pay off a debt that costs him 200,000 a month.
If he waits much longer the debt keeps growing at a rate of 12% a year as he is borrowing to pay off the interest.
OPTION 2.
Listen to the employees who think the hotels are the holy grail and if sold Pakistan will sink and keep paying 200,000 in interest by borrowing more and slowly his debt will not be 2 crores but 4 crores and then the casino people will come and take the keys to the apartment by force sadly by then you will not only have to sell the flat but even the house he lives in.
This is the story of PIA. They are now borrowing to pay off interest payments, retaining an asset that gives them NOTHING.
PIA losses are exactly that, gambling debts. If the two hotels are sold and debts are paid off to a large degree PIA would save 3 billion a month.
With a stable rupee the exchange rate loss will also end, leaving PIA with just an operational loss of 10 billion a year to cover, something they can do with expanding their operations.
P.I.A
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
If PIA sold its assets like hotels in USA and Paris, with that money which kind of aircraft it is eying for to procure in future? Would it be 787-9 or 350-900?
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
IMO PIA should move towards having an all airbus fleet, since they already operate the ATR and A320
Special Concept Livery to celebrate Pakistan's 70th year of Independence
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
Today, federal cabinet meeting in Islamabad chaired by Prime Minister Imran Khan approved decision taken on November 15 by Cabinet Committee on Privatization (CCOP) to approve terms of reference (TOR) for possible privatization of The Roosevelt Hotel New York City owned by PIA subsidiary PIA Investments Limited (PIAIL).
Abbas
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
The sooner the better. The hotels if sold at a decent price can wipe out the 288 billion rupee PIA debt saving the airline 3 billion a month eventually leading to a profitable future if the airline grows.
P.I.A
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
According to news sources:
Privatization Commission meeting on December 27 approved rules & regulations for leasing out The Roosevelt Hotel New York City owned by PIA subsidiary PIA Investments Limited (PIAIL).
Abbas
Privatization Commission meeting on December 27 approved rules & regulations for leasing out The Roosevelt Hotel New York City owned by PIA subsidiary PIA Investments Limited (PIAIL).
Abbas
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Re: Task Force Formed for the Privatization of PIA subsidiary PIA Investments Limited (PIAIL)
According to December 29 newspaper reports:
Privatization Commission has approved Terms of Reference (TOR) for leasing out The Roosevelt Hotel New York City owned by PIA subsidiary PIA Investments Limited (PIAIL).
Last month, Cabinet Committee for Privatization had formed a Task Force to finalize TOR.
TOR prepared by Task Force will be sent to Cabinet Committee for Privatization for approval.
The process will be implemented under Privatization Ordinance Year 2000.
Process to appoint a Financial Adviser also has been approved.
The Task Force will monitor the entire process and complete it according to Privatization Ordinance Year 2000 rules & regulations.
Abbas