PIACL incurs Rs75bn loss in 2023

ISLAMABAD: The National Assembly’s Standing Committee on Privatisation was informed on Monday that Pakistan International Airlines Company Ltd (PIACL) incurred a loss of Rs75 billion in 2023, with overall liabilities of Rs825bn and total assets of Rs161bn.

A meeting of the committee, chaired by MNA Dr Muhammad Farooq Sattar, recommended that employees’ rights be protected during the privatisation process of PIACL.

It was further informed that the privatisation was being carried out in accordance with the best practices and keeping in view the financial position and viability of PIACL to make it attractive to potential investors.

The committee was also informed that on the direction of the Cabinet Committee on Privatisation (CCoP), the Privatisation Commission strictly adhered to the rules for the selection of financial adviser and finalised Jones Lang LaSalle Americas, Inc (JLL) as financial adviser for the privatisation of Roosevelt Hotel in New York, which has submitted the transaction structure report to the commission.

Published in Dawn, August 27th, 2024