News Entertainment
Loading the player...
Overseas Pakistani group offers Rs100 billion to buy PIA
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.
“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.
Related
-
0:05 IsDB Group, has signed a $1.4 billion financing plan with the Government of Bangladesh.
-
1:48 Aramco made a net income of $56.34 billion, versus $62 billion in the same period in 2023
-
1:44 Rallies continue in Karachi over Pakistani politician's UK arrest.
-
1:38 Pakistani social commerce platform launches Islamic interest-free nano-finance
-
1:13 S&P downgrades Bahrain's Al Baraka Banking Group
-
1:41 Egypt's Talaat Moustafa Group to issue sukuk in April
Featured
-
1:13 Major progress in trade between Pakistan and Saudi Arabia
-
1:15 Current account surplus reaching $729 million is welcome for the economy, says Prime Minister.mp4
-
1:14 Pakistan's Exports Witness Increase
-
1:05 Islamic finance, capital markets road to macroeconomic stability: Finance Minister
-
1:11 Looking at Pakistan as a model for Islamic banking, Ibrahim Khalifa Al Khalifa
-
1:32 Pakistan ready to take the lead in Shariah-compliant financing, says SECP chief
-
1:31 KSE-100 crosses 99,000 for first time in PSX history
-
2:16 Delay in Gwadar airport’s commercialisation criticised
-
1:55 Sweden points out investment barriers in Pakistan
-
2:05 FBR official rewarded for pre-empting tax fraud