Financial services deal for PIACL divestment sealed

Ernst & Young chosen for crucial financial advisory role

ISLAMABAD:

The Privatisation Commission has reached a pivotal point in the privatisation journey of Pakistan International Airlines Corporation Limited (PIACL) with the successful signing of a financial services agreement. The ceremony, held at the Ministry of Privatisation headquarters, was attended by Caretaker Minister Fawad Hasan Fawad, marking this development as a significant stride in the ongoing privatisation process.

According to a press release, Ernst & Young, a leading consortium, emerged as the chosen financial advisor for the privatisation contract following approval from the Privatisation Commission Board during their meeting on November 10, 2023.

Expressing confidence in the face of economic challenges, Caretaker Minister Fawad Hasan Fawad conveyed his optimism about the forthcoming success of the PIACL privatisation transaction. In a statement, he pledged unwavering cooperation from all institutions involved, emphasising their commitment to facilitating the financial advisor’s duties seamlessly and in the best interest of the privatisation process.

As PIACL enters this crucial phase of divestment, stakeholders are looking forward to the expertise and strategic guidance provided by Ernst & Young. The financial advisor’s role is pivotal in steering the privatisation contract negotiation and ensuring a successful outcome. This achievement underscores the dedication of all involved parties to navigating the complexities of privatisation, even in challenging economic conditions.

Published in The Express Tribune, November 29^th, 2023.

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