This week, the Privatization Commission Board approved the transaction structure for a renewed effort to divest 51 to 100 percent of Pakistan International Airlines Corporation Limited (PIACL) shares, as well as management control.
The board, chaired by Muhammad Ali, the newly appointed prime minister’s adviser on privatization and chairman of the Privatization Commission, approved the proposed structure and recommended it to the Cabinet Committee on Privatization (CCoP).
The specific terms and conditions for transferring and acquiring the equity stake will be finalized during the bidding process and outlined in the bid documents, pending CCoP’s clearance. Ernest & Young LLC, a Dubai-led consortium, has been appointed as the financial adviser for this transaction
In a separate subject, the board agreed to receive a thorough report from the financial counsel overseeing the privatization of Pakistan International Airlines’ Roosevelt Hotel Corporation (RHC) in New York.
In December 2023, the government designated Jones Lang Lasalle Americas Inc. (JLL), a Chicago-based real estate management business, as the transaction’s financial adviser. JLL was entrusted with performing due diligence on the company and investigating prospective transaction possibilities such as a long-term lease, outright sale, or a joint venture with the private sector. JLL has previously filed a report to the Privatization Commission.
The board will now have a briefing from JLL before presenting the report to the Cabinet Committee on Privatization (CCoP) for approval of one of the recommended solutions. Once accepted, expressions of interest (EoIs) will be requested.
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