Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
A parliamentary committee was informed on February 28 that PIA is suffering loss of one hundred fifty million rupees daily.
https://e.dunya.com.pk/detail.php?date= ... 9_65137340
Abbas
https://e.dunya.com.pk/detail.php?date= ... 9_65137340
Abbas
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Position of government and opposition parties on the issue of PIA privatisation.
Source: pakobserver.net
Abbas
Source: pakobserver.net
Abbas
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Today, federal cabinet meeting chaired by Prime Minister Shahid Khaqan Abbasi approved privatization of PIA. Forty-nine percent shares of the airline will be sold. The airline has suffered loss of over 350 billion rupees, according to briefing given to cabinet. Core and non-core businesses of the airline will be separated as part of its privatization process.
Abbas
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Today, federal cabinet meeting chaired by Prime Minister Shahid Khaqan Abbasi did not approve privatization of PIA, according to Dunya News channel. Federal Ministers have advised PM Abbasi not to privatise the airline. The cabinet has approved restructuring of the airline.
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
According to DAWN News channel, a statement has been issued after today's federal cabinet meeting chaired by Prime Minister Shahid Khaqan Abbasi. According to the statement, the cabinet has ratified decisions made by Cabinet Committee on Privatisation on February 16, 2018. Privatisation of PIA also has been approved by the cabinet.
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Now everyone is as confused as the government itself. Leave it fir the next government. If Imran wins we will fix it by rationalizing ASAs wherever disparity exists.
If Trump can get out of NAFTA, Paris and Trans Pacific why cant we revise our ASAs. Why are we bigger champions of free trade than USA? Even when these trade agreements are clearly hurting our interests.
If Trump can get out of NAFTA, Paris and Trans Pacific why cant we revise our ASAs. Why are we bigger champions of free trade than USA? Even when these trade agreements are clearly hurting our interests.
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Adviser to the Prime Minister on Aviation Sardar Mehtab Ahmed Khan Abbasi said the management will ensure that the PIA would not terminate any employee rather it would train them and utilize their expertise in a better manner. He said that the PIA has almost 14,000 regular employees and almost 4,000 employees are on contractual basis, altogether they make PIA a strong one.
Source: brecorder.com
Source: brecorder.com
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Privatisation Minister chaired meeting of PIA’s transaction steering committee
SHOAIB UR REHMAN
MAR 8TH, 2018
ISLAMABAD: Minister for Privatisation Daniyal Aziz chaired a high level meeting on Thursday with the officials of Aviation Division, Civil Aviation Authority, Ministry of Finance, PIA, SECP.
The meeting was held to discuss the proposed segregation of core and non-core business of PIA, prior to valuation of assets and liabilities.
The Cabinet Committee on Privatization had approved the Privatisation Program in October, 2013 which included Restructuring of Pakistan International Airlines Corporation (‘PIAC’), followed by divestment of GoP equity stakes to strategic partner with management control (“Transaction”).
It may be recalled that the consortium was appointed by PC for the transaction which was to be undertaken in two phases i.e. formulation of restructuring & divestment strategy, following with facilitating private sector partnership in the core operations of PIACL. Addressing the meeting, Daniyal Aziz said that only minority share of the airline is being offered to a third party as per unanimously passed law by all parties in the Parliament, the management control will remain with the government in accordance with that law.
There was no impact on employees whatsoever and they will continue to perform their duties as they are performing now.
The minister further added that those deliberately trying to stir up trouble in the employees should not create false impression to politicize the process, already agreed upon by all.
Daniyal Aziz said that the recent Board of Directors of Privatisation Commission meeting, CCOP and cabinet passed and ratified the plans presented by the Minister/Chairman Privatisation for the PIA transaction.
It was proposed in the meeting that In order to limit the interest of potential strategic investor to the ownership and management of the core aviation function carve out of non-essential assets and liabilities to a Government entity.
Given the quantum of outstanding liabilities vis-à- vis the intrinsic value of underlying assets (and operating cash flow of the business), it was proposed to carve-out legacy liabilities from PIA to improve the financial situation of the core business and enable future investment.
It was also proposed that non essential real estate assets including Roosevelt Hotel USA, hotel Scribe in France, domestic and foreign properties, Precision Engineering Complex which would be retained by the Government of Pakistan. The airline business would attain positive balance sheet after transfer of legacy liabilities from PIACL which will further enhance its operational and structural outlook.
It is pertinent to mention that financial advisors of privatization commission had last year presented three models for the financial restructuring and segregation of core and non-core assets and liabilities of PIA.
In the present meeting the participants deliberated upon those three models in detail and proposed the implementation of segregation.
The participants agreed that the proposal to restructure PIA will be finalized after due process in accordance with the PIA conversion Act 2016.
Source: brecorder.com
SHOAIB UR REHMAN
MAR 8TH, 2018
ISLAMABAD: Minister for Privatisation Daniyal Aziz chaired a high level meeting on Thursday with the officials of Aviation Division, Civil Aviation Authority, Ministry of Finance, PIA, SECP.
The meeting was held to discuss the proposed segregation of core and non-core business of PIA, prior to valuation of assets and liabilities.
The Cabinet Committee on Privatization had approved the Privatisation Program in October, 2013 which included Restructuring of Pakistan International Airlines Corporation (‘PIAC’), followed by divestment of GoP equity stakes to strategic partner with management control (“Transaction”).
It may be recalled that the consortium was appointed by PC for the transaction which was to be undertaken in two phases i.e. formulation of restructuring & divestment strategy, following with facilitating private sector partnership in the core operations of PIACL. Addressing the meeting, Daniyal Aziz said that only minority share of the airline is being offered to a third party as per unanimously passed law by all parties in the Parliament, the management control will remain with the government in accordance with that law.
There was no impact on employees whatsoever and they will continue to perform their duties as they are performing now.
The minister further added that those deliberately trying to stir up trouble in the employees should not create false impression to politicize the process, already agreed upon by all.
Daniyal Aziz said that the recent Board of Directors of Privatisation Commission meeting, CCOP and cabinet passed and ratified the plans presented by the Minister/Chairman Privatisation for the PIA transaction.
It was proposed in the meeting that In order to limit the interest of potential strategic investor to the ownership and management of the core aviation function carve out of non-essential assets and liabilities to a Government entity.
Given the quantum of outstanding liabilities vis-à- vis the intrinsic value of underlying assets (and operating cash flow of the business), it was proposed to carve-out legacy liabilities from PIA to improve the financial situation of the core business and enable future investment.
It was also proposed that non essential real estate assets including Roosevelt Hotel USA, hotel Scribe in France, domestic and foreign properties, Precision Engineering Complex which would be retained by the Government of Pakistan. The airline business would attain positive balance sheet after transfer of legacy liabilities from PIACL which will further enhance its operational and structural outlook.
It is pertinent to mention that financial advisors of privatization commission had last year presented three models for the financial restructuring and segregation of core and non-core assets and liabilities of PIA.
In the present meeting the participants deliberated upon those three models in detail and proposed the implementation of segregation.
The participants agreed that the proposal to restructure PIA will be finalized after due process in accordance with the PIA conversion Act 2016.
Source: brecorder.com
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Only in a Banana Republic like Pakistan are the politicians fighting over an airline.
A country with 25 million illiterate school children
Probably one of the worst infant mortality in Asia.
a birthrate that does not come down because only 30 percent women who want to practice birth control have access to the facilities.
And they are fighting over an airline that has 22 jets.
A country with 25 million illiterate school children
Probably one of the worst infant mortality in Asia.
a birthrate that does not come down because only 30 percent women who want to practice birth control have access to the facilities.
And they are fighting over an airline that has 22 jets.
P.I.A
God's International Airline
God's International Airline
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Privatization Minister Daniyal Aziz while chairing a meeting today on PIA privatization said that insignificant number of airline's shares will be given to a third party.
The meeting was also attended by PIA officials including airline's Chairman Irfan Elahi, Chief Operating Officer Zia Qadir Qureshi and Chief Financial Officer Nayyar Hayat.
Abbas
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Like 'barsati maindak' press release props up after every few days to privatize PIA before next general election without specifying timelines to carry out the process like prequalification, due diligence. Invitation of tender to bid are given. PPRA rules if applicable requires 90 day notice for parties to bid. So to cut the long story short the job is undoable during remaining tenure of present Government
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
Prime Minister Shahid Khaqan Abbasi has said that provincial governments of Sindh, Khyber Pakhtunkhwa, Punjab are welcome to buy and takeover PIA. I'm ready to sell PIA to them for one rupee and even for free, he said in DAWN News channel programme "Doosra Rukh" hosted by Samar Abbas. PM Abbasi expressed disappointment over politicization of airline's privatization process.
The leaders of the provincial governments of Sindh and Khyber Pakhtunkhwa are criticizing and opposing privatization of PIA planned by the federal government.
PIA is suffering losses since year 2005.
Abbas
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
The Times article:
Brace, brace, brace: Pakistan tries to sell calamity airline
https://www.thetimes.co.uk/article/brac ... -qwd9mg3jz
Abbas
Brace, brace, brace: Pakistan tries to sell calamity airline
https://www.thetimes.co.uk/article/brac ... -qwd9mg3jz
Abbas
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Re: Plan to Privatize PIA Before General Elections to be Presented at Cabinet Meeting
The Times is a tabloid and cannot be considered a genuine news sourceAbbas Ali wrote: ↑Sat Mar 10, 2018 6:42 am The Times article:
Brace, brace, brace: Pakistan tries to sell calamity airline
https://www.thetimes.co.uk/article/brac ... -qwd9mg3jz
Abbas
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