KARACHI: In a recent statement, the Pakistan Civil Aviation Authority (PCAA) clarified that the rumors circulating online about the sale of Jinnah International Airport in Karachi are completely unfounded.
The airport remains under the management of the PCAA.
“We urge the public to rely on official sources for accurate information and to avoid spreading unverified claims,” the statement reads.
Earlier, a two-member team from the UAE, led by Senior Director of Security Affairs Abdullah Al Kaabi from the General Aviation Authority of UAE, arrived in Karachi to assess security measures for direct flights from Pakistan to the UAE.
Over the next four days, the team will inspect the implementation of various aviation security measures at Karachi Airport, with a particular focus on flights.
The CAA Director of Aviation Security welcomed the Emirati team. An inaugural meeting was held at Karachi Airport, attended by the airport manager and all relevant stakeholders.
Meanwhile, as Prime Minister Shehbaz Sharif’s administration advances its privatisation agenda, numerous companies, including Chinese firms, have submitted Statements of Qualifications (SoQs) in a bid to acquire majority shares in Pakistan International Airlines (PIA).
The government has received SoQs from Fly Jinnah, Air Blue Limited, Arif Habib Corporation Limited, Sardar Ashraf D Baluch – SHANXI CIG Co Ltd (China), and Gerry’s International (Private) Limited.
Additionally, consortiums led by Y B Holdings (Private) Limited, Pak Ethanol, and Blue World City have also submitted SoQs.
However, the Privatisation Commission has not revealed the names of the companies within these consortiums.
This development follows PM Shehbaz’s recent declaration that the government will proceed with the privatisation of all state-owned enterprises (SOEs), excluding strategic ones, irrespective of their financial status. Chairing a high-level meeting in Islamabad, he stated that all SOEs, whether profitable or loss-making, will be privatised except for those deemed strategic.
Pakistan, grappling with a severe economic crisis, agreed in June 2023 to reform loss-making SOEs as part of a $3 billion bailout deal with the International Monetary Fund (IMF). As of June last year, PIA had liabilities amounting to 785 billion Pakistani rupees ($2.81 billion) and accumulated losses of 713 billion rupees.
Earlier this month, the Securities and Exchange Commission of Pakistan (SECP) approved the legal segregation of PIA’s non-core assets and liabilities to PIA Holding Company Limited.
This scheme, effective from April 30, 2024, aims to facilitate the smooth listing of PIA Holding Company Limited on the Pakistan Stock Exchange (PSX), Central Depository Company (CDC), and National Clearing Company of Pakistan Limited (NCCPL), in accordance with applicable rules and regulations.
The Privatisation Commission is set to begin the pre-qualification process based on criteria outlined in the Request for Statements of Qualifications (RSOQs) as per the PC Ordinance 2000 and associated regulations. The privatisation process will move forward once potential bidders and investors are assessed and qualified.
