As the South Asian nation looks to sell failing state-owned businesses in order to boost its economy, an international Pakistani consortium has made an offer for the national airline that exceeds Rs1.25 trillion.
In a letter to Pakistan’s three ministries, Muhammad Ali Faqir, the Group CEO of Al-Nihang, stated, “I am writing to formally present an offer to acquire Pakistan International Airlines (PIA) at a valuation of PKR 100 billion.”
Lacking funds Under a $7 billion International Monetary Fund program, Pakistan hopes to raise money and reform state-owned businesses by selling a 51–100% interest in the indebted PIA.
Finance Minister Muhammad Aurangzeb promised to expedite the privatization plan in May of this year and underlined that there was no such thing as a “strategic SOE.”
