## Transaction Structure for PIA Privatization Approved
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The Privatization Commission Board has given the green light to a transaction structure for the privatization of Pakistan International Airlines Corporation Limited (PIACL), marking the second attempt to privatize the national carrier.
In a meeting chaired by Muhammad Ali, the Prime Minister’s advisor on privatization, the board approved a plan to divest between 51% and 100% of PIACL’s share capital, along with transferring management control.
The Ministry of Privatization stated, “The board recommended to CCOP (Competition Commission of Pakistan) the transaction structure proposed for the 2nd attempt of PIACL privatization based on divestment of 51 percent to 100 percent share capital of PIACL together with the management control of PIACL.”
The Privatization Commission Board also addressed the privatization of the Roosevelt Hotel in New York, opting to receive a briefing from a financial advisor before proceeding.
The privatization process for PIA is gaining momentum, with several major groups reportedly expressing interest in acquiring the airline. Sources indicate that Arif Habib Group, Taba Group, and YB Holdings are among the interested parties, with key meetings already held in Islamabad to discuss the potential acquisition.
These groups have reportedly signaled their willingness to acquire PIA, contingent on certain conditions. A primary condition is that the government assumes responsibility for PIA’s outstanding liabilities, which include substantial amounts owed to the Federal Board of Revenue (FBR), Pakistan State Oil (PSO), and the aviation sector.
Adding urgency to the process, the International Monetary Fund (IMF) has reportedly set a target for the completion of PIA’s privatization by July. This move is part of larger economic reforms aimed at improving the financial viability of the national carrier.