KARACHI: The privatisation of Pakistan International Airlines’ (PIA) Roosevelt Hotel in the United States has been delayed once again as the process for appointing a new financial advisor has been restarted, ARY News reported.
According to the Privatization Commission, fresh applications have been invited from companies for the appointment of a financial advisor. Interested firms will be required to submit an application along with a non-refundable fee of 1,000 US dollars.
Applications for the financial advisor’s services must be sent to the Privatization Commission in Islamabad by 2nd September.
Earlier, Pakistan International Airlines’ (PIA) privatization process gained further momentum, as one of the bidding companies is scheduled to visit the PIA head office.
Sources reveal that the visiting company will inspect PIA aircraft and will be granted access to key airline records for evaluation purposes.
The company officials are also expected to tour other critical PIA facilities.
Also Read: PIA privatisation gains momentum with ‘bidder company visit’
Additionally, sources from PIA confirmed that delegations from two more interested companies will be visiting PIA installations next week as part of the ongoing due diligence process.
The PIA privatization process accelerated after the approval of four bidders by the Privatization Commission Board for due diligence in its 237th meeting.
The meeting was chaired by Muhammad Ali, Advisor to the Prime Minister on Privatisation. The Cabinet Committee on Privatisation also authorised the transaction structure for the Roosevelt Hotel, and the review for another key asset is underway.
According to recent reports, 51 to 100 percent shares of PIA, including management control, are being offered by the government to attract qualified and reliable investors.
The shortlisted bidders can now access a virtual data room and will perform comprehensive assessments over the next two months before the submission of final bids in Q4 20251.
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