A meeting of the Cabinet Committee on Privatisation (CCOP) was held on Wednesday under the chairmanship of Deputy Prime Minister Ishaq Dar to review progress on the privatisation of the Pakistan International Airlines Corporation Limited (PIACL).
According to a spokesperson for the Prime Minister’s Office, the committee considered a summary regarding the inclusion of Fauji Fertiliser Company Limited as an additional member of the consortium involved in the privatisation process. After detailed deliberations, the CCOP approved the proposal.
The decision was taken in accordance with the approved terms of the bidding documents agreed with the successful bidder for the privatisation of PIACL. Under the arrangement, Fauji Fertiliser Company Limited will purchase 33.99 percent ordinary shares of PIA Equity Limited.
PIA Equity Limited is a special purpose vehicle established by the successful bidder as part of the privatisation process of the national airline. Meanwhile, Arif Habib Corporation Limited will continue to serve as the lead company of the consortium, as stated in the bidding documents.
The spokesperson added that the CCOP’s decision will now be presented before the federal cabinet for final approval.
The meeting was attended by the ministers for finance, revenue and energy, along with the Prime Minister’s Advisor on Privatisation, the Minister of State for Finance, the Special Assistant to the Prime Minister, the Cabinet Secretary, the Privatization Secretary and the Secretary Law and Justice. Senior officials from other key government institutions also participated in the meeting.