EASA clearance to national flag carrier in mid May this year would make this entity more valuable & attractive for potential bidders: Khawaja Asif

ISLAMABAD, March 22 (SABAH): Federal Minister for Defence, Defence Production and Aviation Khawaja Muhammad Asif along with Federal Minister for Privatisation Abdul Aleem Khan co-chaired a high level consultative meeting on privatisation of national flag carrier.

The meeting was also attended by the secretaries of aviation division, privatisation commission, privatisation division and finance division. Earnest & young (EY) team which is a steering group leading this process recapitulated the restructuring and segregation plan being carried out by the approval of cabinet on country’s biggest privatisation. The Scheme of arrangements was presented to the forum and financial advisors highlighted different pre bidding and post bidding areas of concerns about core assets and liabilities and non core assets and liabilities and it’s phase wise solutions were recounted to the forum. The challenges and risks including debt re profiling with commercial banks, six month cash flow plan and transfer of liabilities to hold co. were also thoroughly discussed.

Khawaja Muhammed Asif hoped that EASA clearance to national flag carrier in mid May this year would make this entity more valuable and attractive for potential bidders. He also expressed his hope, based on conversations with the quarters concerned, for resumption of flights for UK soon.

Federal minister for privatisation & Board of Investment Abdul Aleem Khan emphasized to swiftly complete the process adding that the timely decisions in businesses have key importance for significant success.