ISLAMABAD: Six months have passed since the privatization of Pakistan International Airlines (PIA), but the management has yet to be transferred to the buyer.
Sources indicate that control of the national airline was supposed to be handed over to the consortium on May 25. However, the plan has now been extended until the end of June to transfer control.
The delay is attributed to the non-issuance of several No-Objection Certificates (NOCs). The sources mentioned that bureaucratic sluggishness has hindered the issuance of these certificates, which are necessary for the transfer. Additionally, the consortium was required to deposit Rs. 8.5 billion with the Privatization Commission upon receiving the NOCs.
A spokesperson from the Privatization Commission stated that efforts are ongoing to obtain both local and foreign NOCs. Over 40 NOCs were to be obtained in total, and most have already been secured.
The spokesperson further added that all remaining NOCs are expected to be issued within the next few days. The consortium has assured that once the NOCs are complete, the Rs. 8.3 billion payment will be made. The management of PIA is expected to be officially transferred to the buyer consortium by the end of June.
