In a significant move ahead of the privatisation of Pakistan International Airlines (PIA), the airline's management has announced the sale of additional spare parts for various categories of aircraft, valued at millions of rupees.
The management, focusing on streamlining resources, has decided to put spare parts of Boeing 737, Boeing 707, Fokker, and Cessna aircraft up for sale, issuing a tender for interested parties.
Sources reveal that these spare parts have been stocked in PIA's inventory for several years. The management has opted to invite bids for the sale of spare parts of these ageing aircraft on an "as-is-where-is" basis.
Interested parties are urged to submit their applications to participate in the tender process, with the deadline set for April 29, as confirmed by the PIA administration.
Meanwhile, an extraordinary annual general meeting of the national airline, PIA, has been scheduled for April 20 to address the matter of privatisation.
All shareholders of the airline have been cordially invited by the PIA management to participate in the meeting. The shareholders will be briefed on crucial matters, with a particular focus on the privatisation of PIA.
Read also: PIA Holding Company approves Rs268b debt restructuring
During the meeting, detailed discussions will take place regarding the various measures involved in the privatisation process.
The development comes as the government, in collaboration with domestic banks and development finance institutions (DFIs), has successfully concluded negotiations regarding PIA’s commercial debt, marking a significant milestone in the path towards the privatisation of the national flag carrier.
Under the agreed arrangement, Pakistan International Airlines Company Ltd’s (PIACL) commercial domestic debt will be transferred to PIA Holding Company Ltd, a newly established entity by the federal government as part of PIACL's legal restructuring process.
As per a statement released by PIACL on Friday, the development cleared the path for the filing of a scheme of arrangement (SoA) for the legal separation of PIACL from the Securities and Exchange Commission of Pakistan (SECP).
The federal cabinet had previously approved the segregation plan on Feb 6 earlier this year, signalling a crucial step forward in the ongoing restructuring efforts.
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