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Pakistan is selling the state-owned airline!

Manjit Sing

The government of Pakistan has decided to sell the majority stake in Pakistan International Airlines (PIA).

The government of Pakistan has decided to sell the majority stake in Pakistan International Airlines (PIA). The move is being taken to reduce the debt burden of the national airline, which has been facing financial losses for a long time. News ARY News.

Bilal Azhar Kayani, Coordinator of Prime Minister’s Economic and Energy Affairs, said that the Privatization Commission will determine the percentage of shares to be sold in the process of privatization. The government is considering selling anywhere from 51 to 100 percent of the company’s shares.

According to the Pakistan Muslim League-Nawaz (PML-N) leader, once the majority stake is acquired, the administrative control of PI will be transferred to a new entity. Privatization of the national airline is progressing favorably. Various countries and international companies have shown interest in it.

Regarding the retired officers of PIA, Kayani said that the company which PIA will acquire will take care of their affairs. Their pension will continue without any interruption. The government is also actively working on a new policy to address the problems of existing employees.

In preparation for privatization, the federal government recently settled PIA’s liabilities and debts by transferring them to the holding company. The Pakistan Stock Exchange was also informed to clear the company’s balance sheet. Prospective buyers have been invited for the privatization, which has a deadline of May 3.

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