The Privatisation Committee has approved the rejection of the PKR 10 billion bid for PIA.

ISLAMABAD: A meeting of the Cabinet Committee on Privatisation (CCOP) took place on 14th November 2024, chaired by the Deputy Prime Minister and Foreign Minister.

Other committee members, including the Ministers of Privatisation, Industry and Food, Commerce, Power, the Minister of State for Finance & Revenue, and Federal Secretaries from various departments, also attended the meeting.

The committee reviewed the proposal from the Privatisation Commission (PC) Board, which recommended rejecting the PKR 10 billion bid submitted by Blue World for the sale of 60% shares in Pakistan International Airlines Corporation Limited (PIACL). After consideration, the CCOP agreed with the PC Board’s recommendation and decided to reject the bid.

The CCOP reaffirmed the government’s commitment to privatizing PIACL either through the privatisation process or Government-to-Government (G2G) arrangements.

The committee also took note of the positive assessment from the Aviation Division regarding the strong financial standing of PIACL.

In addition, a subcommittee was formed, led by the Minister of State for Finance, to explore potential options for the privatisation of Roosevelt Hotel, including the legal frameworks to be applied.

Finally, the CCOP instructed that all outstanding issues be resolved and an agreement for the sale of Services International Hotel be finalized before the next meeting.