{"id":98999,"date":"2024-09-05T16:08:10","date_gmt":"2024-09-05T11:08:10","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=98999"},"modified":"2024-09-05T16:08:12","modified_gmt":"2024-09-05T11:08:12","slug":"pias-bidding-process-to-conclude-by-october-2024","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pias-bidding-process-to-conclude-by-october-2024.html","title":{"rendered":"\u2018PIA\u2019s bidding process to conclude by October 2024\u2019"},"content":{"rendered":"\n<p>KARACHI: The privatization of Pakistan International Airlines (PIA) is on track to be finalized by the first week of October 2024, according to Arif Habib, Chairman of Arif Habib Group.<\/p>\n\n\n\n<p>Speaking at Naya Nazimabad Gymkhana, Habib shared his confidence in the timeline, stating, &#8220;We expect the bidding process for PIA to conclude by early October 2024.&#8221; He emphasized that the new owner would need to add at least 20 aircraft to the airline\u2019s fleet to enhance operations and drive profitability.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/leads-to-extended-pia-privatization-deadline.html\" target=\"_blank\" rel=\"noreferrer noopener\">PIA\u2019s Privatisation: Two-month extension for due diligence period granted<\/a><\/p>\n\n\n\n<p>Discussing the ownership structure, Habib mentioned that prospective buyers are aiming for a 75% stake in PIA to secure majority control. However, under the terms of the privatization, the airline cannot be resold within three years of the acquisition.<\/p>\n\n\n\n<p>One of the biggest hurdles for PIA is its massive debt, which totals PKR 800 billion. Habib explained that PKR 600 billion of this debt will be transferred to a holding company, while PKR 200 billion will be assumed by the buyer. He highlighted that much of the debt comprises tax liabilities and dues to the Civil Aviation Authority, adding that allowing buyers extended time for repayment could help ease the burden.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/pak-russia-collaboration-for-new-steel-mill-initiated.html\" target=\"_blank\" rel=\"noreferrer noopener\">Pakistan seeks Russian collaboration for new steel mill<\/a><\/p>\n\n\n\n<p>Habib remains optimistic about PIA\u2019s potential, noting that operational improvements, alongside resolving debt and employee-related issues, could transform the struggling airline into a profitable entity. The completion of the privatization process by October 2024 is expected to mark the beginning of a new chapter for PIA, positioning it for future growth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KARACHI: The privatization of Pakistan International Airlines (PIA) is on track to be finalized by the first week of October 2024, according to Arif Habib, Chairman of Arif Habib Group. Speaking at Naya Nazimabad Gymkhana, Habib shared his confidence in the timeline, stating, &#8220;We expect the bidding process for PIA to conclude by early October 2024.&#8221; He emphasized that the new owner would need to add at least 20 aircraft to the airline\u2019s fleet to enhance operations and drive profitability. Read: PIA\u2019s Privatisation: Two-month extension for due diligence period granted Discussing the ownership structure, Habib mentioned that prospective buyers are aiming for a 75% stake in PIA to secure majority control. However, under the terms of the privatization, the airline cannot be resold within three years of the acquisition. One of the biggest hurdles for PIA is its massive debt, which totals PKR 800 billion. Habib explained that PKR 600 billion of this debt will be transferred to a holding company, while PKR 200 billion will be assumed by the buyer. He highlighted that much of the debt comprises tax liabilities and dues to the Civil Aviation Authority, adding that allowing buyers extended time for repayment could help ease the&hellip;<\/p>\n","protected":false},"author":18,"featured_media":76107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[59287,59285,59286,59284],"persona":[],"class_list":{"0":"post-98999","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"tag-latest-on-privatisatrion-of-pia","9":"tag-pia-privatisation","10":"tag-pia-privatisation-bidding","11":"tag-privatisation-of-pia","12":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PIA\u2019s bidding process to conclude by October 2024 - Zameen News<\/title>\n<meta name=\"description\" content=\"One of the biggest hurdles for PIA is its massive debt, which totals PKR 800 billion. Habib explained that PKR 600 billion of this debt..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pias-bidding-process-to-conclude-by-october-2024.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIA\u2019s bidding process to conclude by October 2024 - Zameen News\" \/>\n<meta property=\"og:description\" content=\"One of the biggest hurdles for PIA is its massive debt, which totals PKR 800 billion. Habib explained that PKR 600 billion of this debt..\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pias-bidding-process-to-conclude-by-october-2024.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-05T11:08:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-05T11:08:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/05\/PIA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Samra Zulfiqar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Samra Zulfiqar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"PIA\u2019s bidding process to conclude by October 2024 - Zameen News","description":"One of the biggest hurdles for PIA is its massive debt, which totals PKR 800 billion. Habib explained that PKR 600 billion of this debt..","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/pias-bidding-process-to-conclude-by-october-2024.html","og_locale":"en_US","og_type":"article","og_title":"PIA\u2019s bidding process to conclude by October 2024 - Zameen News","og_description":"One of the biggest hurdles for PIA is its massive debt, which totals PKR 800 billion. 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