The Cabinet Committee on Privatization, chaired by Deputy Prime Minister Ishaq Dar, has approved the Privatization Commission Board’s recommendation to reject Blue World City’s bid to acquire Pakistan International Airlines (PIA).
The company had offered Rs. 10 billion for a 60% stake in PIA. The committee decided that the privatization or sale of PIA will proceed through an inter-governmental (G2G) mechanism.
During the meeting, the committee expressed satisfaction with the Aviation Division’s review of PIA’s financial condition. In a related development, a dedicated panel led by the Minister of State for Finance has been established to oversee the privatization of the Roosevelt Hotel. This panel will evaluate transaction options and propose a legally viable procedure for the sale.
Additionally, the committee instructed that all outstanding issues related to the sale of Services International Hotel be resolved promptly, emphasizing the need to finalize the agreement before the next meeting.
