HomeBusinessLocal investors are also interested in buying PIA.

Local investors are also interested in buying PIA.

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ISLAMABAD: A wealthy Pakistani family has expressed interest in buying PIA. The Shahbaz government does not support the sale of 75 percent of state-owned enterprises, which include insurance, finance, road transport, logistics, oil and gas production. It wants to sell, which is why. that all commercial organizations except PIA and electricity distribution companies were excluded from the scope of privatization. Sources in the privatization ministry told The Express Tribune that there is internal opposition to privatization. Only 21 out of 87 commercial establishments are on the active privatization list. Relevant ministries excluded 39 companies from the privatization project without giving any reasons. While details of the other 27 locations have not yet been revealed. Because the government It has decided to privatize only 1 in 4 state enterprises due to lack of cooperation from government agencies. This makes privatization of all these entities impossible. Among the state-owned companies, 21 as well as three local airlines – Fly Jinnah, Airseal and Airblue – have received tender documents. Sources said some of these airlines are planning joint ventures with foreign airlines. Some companies have already received bidding documents. But the said document has not been filed after that. The State Enterprise Privatization Commission has extended the deadline for submitting documents in response to requests from stakeholders, according to senior officials from the ministry, whose main business group has also expressed their intention to participate in the bidding but has made partial requests. There is time to submit documents, another 2 to 3 parties will come forward in the next few days. As the Privatization Commission has extended the deadline for filing documents from May 3 to May 18, the government has also set Preliminary selection committee to assess the qualifications of potential investors. The minimum financial status has been set at Rs 30 billion. This paves the way for Pakistan’s richest families to join the auction. No aviation experience required. Lucky Cement’s family owner Habibullah Khan, owner of Pioneer Cement, Bestway Cement and Maple Leaf Cement, has also expressed interest in purchasing and has received bidding documents for two consortiums from Sindh, Omni Group and D Baloch Construction Co. However, no regional companies have yet. PIA has not come out to buy, sources said, out of the 87 commercial entities marked for privatization, The ministry has released details of only 60, without giving reasons, of the 37 institutions recommended not to be privatized, out of these 21 companies. (Recommended for privatization) 15 companies are on the active privatization list. But the relevant ministries are not cooperating, while six other companies, including postal company Genco I, Lakhara Power Generation Company Limited (Utility Stores Corporation) and Hazara Electric Supply Company (HAZICO), will also be included in the privatization list. It is suggested that the Ministry of Privatization recommends that loss-making companies should be as such. Privatization is a priority and the government should limit its role to strategic interests only. Because only the Cabinet Committee of State Enterprises has the authority to exclude or include any company from the privatization list.

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