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Govt goes ahead with PIA's privatization as 8 companies show interest

08:30 PM | 17 May, 2024
Govt goes ahead with PIA's privatization as 8 companies show interest

ISLAMABAD - The privatization of state-owned Pakistan International Airlines (PIA) continues as major business groups show interest in overtaking the carrier.

Federal Minister for Privatisation and Investment, Abdul Aleem Khan confirmed on Friday that eight major business groups have expressed interest in acquiring the national carrier. 

The interested entities include Fly Jinnah (represented by Arif Habib Corporation), Shonksi China CIG Ltd, Jiri International Pvt Ltd, Airbloom Limited, Younis Brothers Holdings Consortium, Pak Ethanol Consortium, and Blue World City Consortium; the groups have submitted their Statements of Qualification and Expressions of Interest within the stipulated time.

As the interested parties have submitted the documents, the Privatization Commission will conduct a pre-qualification process as per the Privatization Commission Ordinance rules, and those found suitable will be taken to the next phase of privatization.

The federal government had extended the deadline till May 17th for interested parties to submit Expression of interest.  

It is to be highlighted that the decision to privatize the national carrier was made during the previous caretaker regime headed by Anwar Ul Haq for which the government had hired a consultant who had submitted a comprehensive report in this regard.

As far as the timeline is concerned, the incumbent government has reiterated to complete the process by June this year; however, there could be some delay in the completion of the process.

Meanwhile, the government has also decided to outsource three airports in the country i.e. Allama Iqbal International Airport, Jinnah International Airport Karachi, and Islamabad International Airport; the process to outsource the airport in Islamabad is already underway with plans to outsource the facility for 15 years. 

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - PKR to US Dollar, Euro, Pound, Dirham, Riyal - 20 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 20, 2024 (Thursday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Forex Rates

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegian Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Baht THB 7.58 7.73

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