On May 3, Competition Commission of Pakistan (CCP) - https://cc.gov.pk/ - approved Scheme of Arrangement (SoA) for the privatization process of Pakistan International Airlines Corporation Limited (PIACL).
This approval signals a important step towards PIACL restructuring process and approval from the Securities & Exchange Commission of Pakistan (SECP) once finalized will formalize the transfer of non-core assets and liabilities to the newly-formed PIA Holding Company Limited, setting the stage for a debt-light PIACL.
Privatization of the PIACL has attracted substantial interest from major investors, including airlines and business conglomerates, who have submitted their expressions of interest for this transaction. The Privatization Commission (PC) has extended the deadline for submitting Expression of Interest (EoI) with the Statement of Qualification (SOQ) till May 17, 2024, upon request from the interested parties.
The submission date extension decision aims to facilitate a competitive and fair bidding process, ultimately, leading to successful privatization outcome.
