An overseas Pakistani group has made an offer of Rs100 billion for the national airline as the South Asian country seeks to sell loss-making state-owned enterprises to improve the economy.
“I am writing to formally present an offer to acquire Pakistan International Airlines (PIA) at a valuation of PKR 100 billion,” Al-Nihang’s Group CEO Muhammad Ali Faqir said in a letter to the three ministries of Pakistan.
The email was sent to ministers of privatisation, aviation, and defence. It was also sent to the Establishment Division.
According to Faqir, his proposal to revitalise PIA includes enhancing its operational capabilities, expanding revenue streams, and positioning the airline as a leader in the regional aviation market.
The business group would focus on engineering and technical services, exclusive cargo operations, aviation training and professional development.
Lastly, it said that the company is prepared to “satisfy all requirements of due diligence immediately.”
The firm added that it was committed to collaborating with the relevant authorities to meet the conditions and support the airline.