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FINANCIAL NEWS
Gulf carriers possible buyers of major stake in Pakistan Airline
26 Sep 2014
(MENAFN) Pakistan announced it is planning to split PIA, the ailing national flag carrier, into two companies and sell control of the core business to a global airline in the next 18 months period, with Emirates Airline, Etihad and Qatar Airways being the prime possibilities, Arabian Business reported
Pakistan International Airlines currently has some 17.000 employees but just 36 aircraft and 10 of them are grounded due to a lack of spare parts.
Meanwhile, Pakistan said that it is seeking to raise about USD815 million through a sale of shares in Oil & Gas Development Co, the country’s largest offering in eight years, which will represent 7.5 percent of the company’s share capital.
The OGDC sale is part of a plan to revive the country’s struggling economy, which has been in distress due to power shortages, corruption as well as an unstable geopolitical situation.
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