The group has pledged to settle PIA’s Rs. 250 billion debt, strengthening its financial standing.
Islamabad: In a significant move towards privatizing Pakistan International Airlines (PIA), an overseas Pakistani group, Al-Nihang’s, has offered a substantial bid of Rs. 100 billion to acquire complete ownership of the airline, as reported by ARY News. The offer was formally communicated in a letter addressed to the Ministers of Privatization, Aviation, and Defense, highlighting Al-Nihang’s comprehensive plans for the carrier.
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Key Points of Al-Nihang’s Offer:
- Complete Share Acquisition: Al-Nihang’s group intends to acquire PIA’s full shareholding, committing to terms in line with the tender’s conditions.
- Debt Settlement: The group has pledged to settle PIA’s Rs. 250 billion debt, strengthening its financial standing.
- Employee Commitment: Ensuring no layoffs, Al-Nihang’s promises to boost salaries by 100% over the next 30 months.
- Expansion Plans: Their business strategy includes adding modern aircraft to PIA’s fleet and positioning the airline as a maintenance and engineering hub for regional airlines.
This bid follows the Khyber Pakhtunkhwa (KP) government’s interest in PIA’s privatization and intentions expressed by the Pakistan Muslim League-Nawaz (PML-N) leadership to revamp PIA under a potential new brand, “Air Punjab.” Recently, only Blue World City participated in the final PIA bidding process with a Rs. 10 billion offer for a 60% stake, which fell short of the government’s minimum price.
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