Overseas Pakistani entity offers over Rs125b for PIA acquisition

The group also pledges to settle the airline's Rs250 billion debt

An overseas Pakistani group has proposed to acquire Pakistan International Airlines (PIA) for over Rs125 billion, including a pledge to settle the airline's Rs250 billion debt.

The group, Al Nahang, has reportedly sent a formal offer via email to the ministers of privatisation, aviation, and defence, outlining its vision to revitalise PIA.

In addition to debt repayment, Al Nahang’s proposal promises not to lay off PIA employees and offers a phased plan to double salaries across 30 pay periods.

The group has also presented a comprehensive business plan, which includes adding modern aircraft to PIA’s fleet and developing the airline into a maintenance hub for other carriers.

Search for new PIA CEO begins

The Pakistan International Airlines (PIA) is looking for a new chief executive officer to replace Amir Hayat, who has completed his term at the national flag carrier.

The PIA has placed a advertisement, seeking applications from the suitable candidates with in 15 days. The candidates, between the age of 45-57 years, must have 20 years of experience of running a large corporation or at least 10 years of management experience in the aviation industry.

In response to corruption allegations levelled by Society of Aircraft Engineers of Pakistan (SAEP), Pakistan International Airlines (PIA) attempted to seal the SAEP office.

When PIA Security Department team reached the SEAP office to seal it, engineers rushed to the office and locked the office themselves.

SAEP secretary Owais Khan Jadoon said the administration resorted to cheap tactics over exposing the PIA corruption, adding the PIA team came without written order to seal the office.

On the other hand, PIA spokesperson said that it had written order for sealing SAEP office.

The spokesperson refuted the corruption allegations levelled by SAEP and termed the attitude of the newly elected body of SAEP as deplorable.

He said the PIA is selling the faulty engines of the aircrafts as per rules and regulations, adding it is a routine practice in the aviation industry.

K-P remains in hot pursuit of PIA purchase

Earlier, Khyber-Pakhtunkhwa Chief Minister Ali Amin Gandapur has expressed his determination to go to any extent in his government's bid to purchase Pakistan International Airlines (PIA).

The CM stated that after the purchase, PIA's name would remain unchanged. He issued this statement as he spoke at an event in Nishter Hall.

He emphasised that the people of the province are willing to contribute funds to prevent this national asset from being sold at a bargain price.

Speaking to the media at an event in Peshawar, he mentioned that the province has two helicopters at its disposal and noted that those making grand claims, and publishing large advertisements for their achievements, should read the IMF report.

"Unlike other provinces that failed to meet their targets, Khyber-Pakhtunkhwa has achieved its goals. The province is not in deficit, and presented a balanced budget with revenue up by 44%."

He reiterated that if they purchase PIA, it will continue operating under the same name, Pakistan International Airlines, and remain under government control. "We won't let it be sold off cheaply."

The CM said that the nation now understands the intentions of those in power, who themselves wanted to buy PIA by first moving to sell it.

He promised to prevent this from happening, and added he was willing to go as far as necessary in the bidding process to ensure that the airline remains publicly owned and retains its name.

The CM also mentioned that he is receiving phone calls from people across the province willing to contribute funds to help purchase PIA. He criticised the current leadership, saying they have ruined the system, disregarded the constitution, and created lawlessness.

He announced a rally in Swabi on November 9, where they will pass a resolution, after which they will proceed with a final march. "This time, we will march with resolve, determined to restore the rule of law and the Constitution. He added that with increasing prices of electricity and gas, as well as the additional burden on the public, people risk becoming enslaved if they do not act immediately.