Latest news with #MinistryofPrivatisation
Business Recorder
5 days ago
- Business
- Business Recorder
Govt appoints two new members to Privatisation Commission Board
The federal government has appointed Asif Ali Qureshi and Amir Shehzad as members of the Privatisation Commission Board, aiming to strengthen the body's strategic and technical capabilities, the Ministry of Privatisation said on Tuesday. Qureshi, a Chartered Financial Analyst (CFA) with an MA in International Financial Analysis from Newcastle University, UK, and an MBA in Finance from Quaid-i-Azam University, currently serves as CEO of UBL Fund Managers Limited. He has also held positions at the Mutual Funds Association of Pakistan (MUFAP) and CFA Society Pakistan, bringing extensive experience in banking, finance, and the energy sector. Shehzad, who holds an Executive Leadership Program certificate from Cornell University, USA, and a BS in Finance (Cum Laude) from Arizona State University, is Chairman of Unity Foods Limited. His career includes roles as Director and Group Senior Executive at Unity Foods and EVP & Head of Investment Banking at Askari Bank Limited, with experience spanning FMCG, banking, agri-business, and private equity. The ministry stated that the appointments will enhance the commission's institutional capacity and support more effective decision-making and the execution of privatisation transactions in line with the government's strategic objectives.
Express Tribune
27-05-2025
- Business
- Express Tribune
Govt extends PIA privatisation deadline by two weeks
Listen to article The governemnt has extended the deadline for submitting Expressions of Interest (EOI) in purchasing Pakistan International Airlines (PIA) to June 19, the Ministry of Privatisation announced on Tuesday. The extension follows a need to accommodate the Eidul Adha holiday and the recent political and military tensions, including the Pakistan-India conflict, an official said. The move comes as Pakistan continues its efforts to privatise the debt-ridden national carrier to raise funds and streamline state-owned enterprises, as part of the country's agreement with the International Monetary Fund (IMF) under a $7 billion programme. The original deadline for the submission of EOI was June 3. The ministry confirmed that all other terms and conditions would remain unchanged. Read more: Govt tightens PIA bidding terms In a bid to tackle its financial crisis, Pakistan is looking to sell a 51 to 100 per cent stake in PIA. However, past attempts to privatise the carrier have faced challenges. In the final bidding round last October, only one bid was submitted — a $36 million offer for a 60 per cent stake — far below the government's minimum price of $303 million. Bidders have cited concerns about policy continuity, inconsistent government communication, and unfavourable terms in the aviation sector as significant obstacles. PIA's privatisation has been under pressure for several years, with the airline's operations further impacted by a 2020 EU ban over safety concerns related to pilot licencing irregularities. Despite these challenges, the government remains committed to privatising PIA, along with other loss-making public entities, to reduce the financial burden on the national exchequer.
