PC board approves steps to advance first closing of PIA privatisation

The Privatisation Commission of Pakistan Board on Wednesday approved the actions required to complete the first closing of the privatisation transaction of Pakistan International Airlines Corporation Limited after reviewing progress on key regulatory, financial and transactional requirements.

The decision was taken at the board’s 252nd meeting chaired by Muhammad Ali, the Ministry of Privatisation said in a statement.

The board was briefed by the financial adviser on the status of conditions precedent under the Share Purchase and Subscription Agreement (SPSA), which must be fulfilled before the transaction can reach its first closing.

Following the review, the board expressed satisfaction with the progress made and granted the necessary approvals to move the transaction process forward.

The government is seeking to complete the sale of PIACL as part of its broader privatisation drive aimed at improving the performance of state-owned enterprises and reducing fiscal pressures.

The board also reaffirmed that the privatisation programme would continue to be conducted in a transparent, competitive and professionally managed manner to strengthen investor confidence and support long-term economic reform, according to the statement.