The Pakistan government has agreed to retain at least a 51% shareholding in PIA - Pakistan International Airlines (PK, Karachi Int'l) following a heated debate in parliament about plans to transform the debt-ridden carrier into a public limited company.
The government's plans to privatize the carrier in line with IMF-mandated economic readjustment measures, have encountered strong criticism in recent months - from the left wing Pakistan Peoples Party in particular.
The widebody jets should accommodate at least 250 passengers in a two-class configuration and should be available for 8-10 year-long contracts. Eligible aircraft also should be no-more than four years of age.
The narrowbody jets should accommodate at least 150 passengers and should be available immediately for ...
As previously reported, the Pakistani government has pushed ahead with plans to establish a new airline, now known to be Pakistan Airways (Karachi Int'l). The start-up has an authorised capital of PKR100 billion (USD954.7 million).
PIA's official spokesman, Danyal Gilani, said in a statement last week that Pakistan Airways would operate as a 'premium service' carrier aimed at improving "the service standard and image" of the country's struggling national airline.