ISLAMABAD: The Special Investment Facilitation Council (SIFC) on Friday approved the demerger of the national airline PIA into two entities without getting the valuation from the financial advisor, while the new liabilities of Rs. These remaining dues will be settled through privatization of PIA and budgetary allocations. The Privatization Commission is expected to present a detailed summary before the Cabinet meeting by next Tuesday or Wednesday. The overseas assets, including the Roosevelt Hotel and a hotel in Paris, will be developed and no overseas assets will be sold in the Qazi business deal of PIA, he said, adding that both these overseas assets will also be held by the holding company. He said that buyers are expressing their interest in PIA and they have also been informing the financial advisor about their interest.

Source: The Patriot February 03, 2024 23:23 UTC