Govt will retain 49pc shares in national flag carrier
ISLAMABAD – The national flag carrier will soon the follow the suit of Lufthansa and Alitalia, as the Privatisation Commission has invited bids from the interested parties so that the government could dispose of PIA’s 51 per cent shares.
It will be interesting to see how many parties will be in the race and whether the possible investors are local or foreigner. Another aspect to keep an eye on would be from which part of the world they belong to. Obviously, an effective privatisation transaction requires a roadmap on how the new controlling authority will deal with the PIA’s financial obligations – one of the lossmaking state-owned enterprises that the International Monetary Fund thinks must be disposed of to stop draining the government resources as Pakistan needs to reduce the widening budget deficit.
The term “term sheet” refers to a non-binding agreement that sets out the basic conditions for making an investment. It serves as a template for developing more detailed documents that are legally binding.
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