The Privatisation Commission (PC) in its recent board meeting, chaired by Privatisation Minister Fawad Hasan Fawad, has given the go-ahead for the transaction structure to sell a minimum of 51 percent stake in Pakistan International Airlines (PIA), as reported by Express Tribune.
This move comes after the strategic division of PIA’s balance sheet, transferring a substantial portion of its Rs825 billion liabilities to a newly formed entity.
The legal segregation, which entails categorizing PIA into ‘good’ and ‘bad’ segments, was part of the discussions. However, the valuation report from financial advisors, led by the Ernst and Young consortium, remains pending. Notably, the PC chose not to issue a post-meeting statement, breaking from its usual transparency practices.
A crucial aspect of the stake sale involves foreign buyers potentially facing legal obstacles due to the Pakistan Civil Aviation Authority Act, Air Service Agreements, and National Aviation Policy. To navigate this, the board has endorsed the recommendation to sell a minimum of 51% stakes, with the condition that foreign buyers must collaborate with a local partner.
The financial advisors had initially proposed selling shares along with management control, but the legal complexities necessitated this adjustment. The ongoing discussions also involve resolving disagreements between the finance and privatisation ministries regarding the fate of the Rs281 billion debt and the associated interest rates in case payments are frozen for five years.
The PC is navigating extraordinary circumstances to complete the PIA transaction, with the interim government facilitating the process through a Presidential Ordinance and new rules. Despite these efforts, there remains uncertainty about how to handle the significant debt and interest rates associated with the banks.
After receiving board approval, the matter will move to the Cabinet Committee on Privatisation (CCOP), also chaired by Fawad Hasan Fawad, before reaching the caretaker cabinet. The financial advisors are expected to submit a comprehensive report on PIA’s valuation by the third week of January.
The complex structure involves segregating core and non-core assets and liabilities, with a holding company retaining non-core elements, such as the Rs281 billion debt from commercial banks. Core assets, including basic engineering services and international routes, are proposed for sale to investors.
The board discussions also included proposals about employee retention and the treatment of the Rs281 billion commercial banks’ debt. The ongoing negotiations aim to strike a balance between attracting investors and addressing the financial challenges within the scope of the PIA transaction.
The fate of PIA, with its extensive liabilities and assets, remains a focal point in the larger context of the government’s privatisation strategy, and further developments are expected as discussions progress.
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