Standing Committee on Privatization Meets to Discuss PIACL and HBFCL Privatization

Islamabad: Pakistan International Airlines Company Limited (PIACL) made a loss of Rs. 75 billion approximately during the year 2023 while total liabilities increased to Rs. 825 billion with total assets amounting to Rs. 161 billion. The privatization is being carried out in accordance with the best practices and keeping in view the financial position and viability of PIACL to make it attractive for the potential investors. The Committee recommended that the rights of the employees of PIACL must be protected during the privatization process.

2. 3d meeting of the Standing Committee on Privatization was held under the Chairmanship of Mr. Muhammad Farooq Sattar, MNA, at 02:30 p.m. in Committee Room No. 7, Parliament House, Islamabad.

3. The Committee was informed that on the direction of Cabinet Committee on Privatization (CCoP), the Privatization Commission strictly adhered the rules for selection of Financial Adviser and finalized M/s Jones Lang LaSalle Americas, Inc (JLL) as Financial Adviser (FA) for the Privatization of Rosevallet Hotel. The firm has submitted the transaction structure report to the Privatization Commission.

4. The Committee was also briefed about the latest status of privatization of House Building Finance Company Limited (HBFCL) and recommended that the decision of privatizing a profitable entity shall be thoroughly reviewed.

5. MNAs, Mr. Anwar-ul-Haq Chaudhary, Mr. Abdul Qadir Khan, Ms. Asia Naz Tanoli, Ms. Saba Sadiq, Ms. Sehar Kamran, Ms. Sofia Saeed Shah, Moulana Abdul Ghafoor Haideri, Mr. Mehboob Shah attended the meeting. The officers from Ministry of Privatization, HBFCL and PIAC also attended the meeting.