Pakistan International Arlines (PIA) : News / Updates

[ghazi52]

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[ghazi52]

The Fauji Foundation withdrew from the bidding process to acquire PIA, leaving three bidders in the race ahead of the submission and opening of bids.

According to the Privatisation Commission, a 75% stake was offered in the bidding process. From this 75%, 92.5% of the proceeds will go into the company, while the remaining 7.5% will go to the government.

Under the current structure, 92.5% of proceeds are reinvested into the company

The government will retain the remaining 25% stake, with the successful bidder given the option to acquire it later. Based on the PIA business plan, the fleet of 18 aircraft is projected to double within 3–4 years, according to the commission.

 

[imadul]

Arif Habib Group winning the bid for 75% shares of PIA is a good news.
Circle is completed and PIA will be effectively operated from Karachi and I hope they will bring transparency in hiring, engineering, maintenance, and operations departments.

Orient Airlines --> PIA, founded and operated by Isphahani and Mahmood ul Hasan as first the MD, (Co founder Sir Adamjee Haji Dawud died early and couldn't play role in operations), the Airline originally founded as Orient Airlines on the instructions of Quaid-e-Azam, same treatment later meted out to PIA as what was done to Pakistan in years after Independence, a gem of an organization was destroyed due to Quota System, Punjabi elites and then Sindhi nationalists attacks.
PIA story is how best to destroy a formidable business organization.
The Phoenix will come back from the ashes.

 

[Toxic]

10 billion pkr and the government still has to pay 40 billion in debt interest each year lmao

 

[Gemini]

Yes. That was the secret weapon seemingly. Otherwise on paper this consortium had no comparison to the lucky consortium.

I mean Lucky group, Hub group, Kohat Cement, metro Group >>> Arif Habib, AKD, City School and lake city.

Fatima group is also a part of arif habib consortium.

 

[Bilal]

Fatima group is also a part of arif habib consortium.

It’s already very tightly tied with Arif Habib group so I didn’t make the distinction between them.

 

[mythbuster]

So in short, they won this too.
Will win everything except wars

Thanks for shitting at the party.

 

[Meengla]

Historic last ten minutes! One could notice the Arib Habib group didn't waste a second bidding the last and winning Rs. 135 billion. The old guy in their team was determined to buy PIA.
@Fatman17 : Too many people have posted about the 'privatization' to wrong thread--I am also guilty of that but I didn't see this thread until late. House keeping, please?

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[SoulSpokesman]

It is a wonderful development. I hope my Pakistani friends here are in no illusion that it will be a quick and painless turnaround (witness the chaos in Air India) but the trick will be to stay the course and let the new owners turn a new leaf.

All the Best!

Regards

 

[Fatman17]

Historic last ten minutes! One could notice the Arib Habib group didn't waste a second bidding the last and winning Rs. 135 billion. The old guy in their team was determined to buy PIA.
@Fatman17 : Too many people have posted about the 'privatization' to wrong thread--I am also guilty of that but I didn't see this thread until late. House keeping, please?

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It's ok

 

[Fatman17]

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[maxpane]

THank God one burden is done now

 

[Forsvaret]

THank God one burden is done now

Are you sure about that?

10 billion pkr and the government still has to pay 40 billion in debt interest each year lmao

 

[maxpane]

Are you sure about that?

for how many years

 

[imadul]

10 billion pkr and the government still has to pay 40 billion in debt interest each year lmao

There is no better solution.
PIA has been turned to junk bonds by the systematic and brutal racist and quota based corruption. Similarly Pakistan Steel Mills was turned to junk yard by the racist and inept system.
At least it will be revived.