According to a private TV channel Dunya News, Muhammad Ali said during the press conference that the most challenging aspect of the transaction for the government was to strike a balance between securing a better price and ensuring that the new buyer invests in the company and does not neglect it. He added that the government had two core objectives, and the transaction was structured while keeping these objectives in focus.
The Adviser to the Privatization Commission further explained that under the agreement, the government will directly receive Rs55 billion, while the value of the company’s assets stands at Rs45 billion. In addition, Rs125 billion will be invested directly into the company for PIA’s operational needs and improvement. In this way, the overall valuation of PIA amounts to Rs180 billion.
Muhammad Ali praised the performance of the Privatization Commission team, stating that the commission worked with exceptional dedication throughout the process and provided full cooperation over the last two to three days. He said that following the team’s setup and engagements with the media, the government is confident that there will be no unnecessary confusion or concerns regarding the matter.
He also appreciated the role of the media, saying that it demonstrated responsible reporting throughout the entire process and provided strong support to the government, for which he expressed gratitude.
Speaking on the occasion, Federal Minister for Information Attaullah Tarar said that the privatization of the national airline was carried out in a transparent manner and termed it a historic moment. He said that on the Prime Minister’s instructions, the privatization process was broadcast live.
Attaullah Tarar noted that several attempts had been made in the past to privatize the national airline, but those efforts failed. He thanked Miftah Ismail, calling it an excellent bidding process. He added that by the grace of Allah, the national airline has finally been privatized, and that the Prime Minister and Field Marshal Asim Munir also played an important role in this process.
