Govt Inks Deal With Ernst & Young For Privatization of PIA

A Financial Services Agreement (FASA) was signed between the Privatization Commission and the Financial Advisor for divestment of Pakistan International Airlines Corporation (PIACL) in the presence of the Minister for Privatization, Fawad Hasan Fawad. The consortium led by Ernst & Young was invited for contract negotiations as Financial Advisor after approval by the Privatization Commission Board in its meeting on 10th November 2023. The financial advisor will be responsible for restructuring and carrying out legal, technical, and financial due diligence for the proposed divestment together with a fair valuation of PIACL, according to an official press release. The Minister expressed the hope and desire that the transaction would be carried out successfully despite the challenging economic environment. He assured the Financial Advisor of the complete support of all institutions involved in the process to facilitate their work with a view to performing their task seamlessly in the best possible interest.