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Friday June 21, 2024

Pak Ethanol leads consortium in bid for majority stake in PIA

Pak Ethanol (Private) announced formation of national consortium in partnership with prominent international aviation entities

By Israr Khan
May 19, 2024
Crew members disembark from a Pakistan International Airways (PIA) flight at Kabul Airport. — AFP/File
Crew members disembark from a Pakistan International Airways (PIA) flight at Kabul Airport. — AFP/File

ISLAMABAD: Pak Ethanol (Private) Limited has announced the formation of a national consortium in partnership with prominent international aviation entities, including Air Asia and Swiss Aviation Group, to bid for a controlling interest in Pakistan International Airlines (PIA).

Pak Ethanol, headquartered in Pakistan, stands as the co-lead entity within the consortium, which boasts the participation of Serene Air (Private) Limited and Air Sial Limited, both indigenous to Pakistan.

The consortium’s international contingent comprises AsiaPak Investments Limited from Hong Kong, Swiss Aviation Group AG from Switzerland, Airport Competence from Austria, Pearl Asset Management PTY Limited from Australia, and Capital A Consultancy (Air Asia Aviation Group) from Malaysia, as outlined in a press statement released by Pak Ethanol on Saturday.

In a declaration issued by the leading entity of the consortium, it is emphasized: “This strategic alliance underscores our dedication to fostering the economic advancement of the nation and reinvigorating its aviation sector through the amalgamation of local proficiency with global benchmarks.” Pak Ethanol asserts that the cornerstone of PIA’s transformation lies in a collaborative ethos steeped in national allegiance. Swiss Aviation Group, renowned as one of the foremost aircraft leasing entities globally, recently facilitated the leasing of a significant portion of aircraft for Iraq post-conflict. Its extensive footprint extends across Africa and South America. Airport Competence, Austria, notably spearheaded the upgrade initiatives for Zurich Airport and major airports in India’s Bombay and Delhi regions.

AsiaPak Investments Limited, under the ownership of Shehryar Chishti, is recognised for its recent acquisition of K-Electric. The conglomerate brings a wealth of experience and resources to the consortium. This initiative leverages international public relations expertise and secures the involvement of premier corporations with proven track records in aircraft leasing and aviation management. It was co-led by House of Finance, establishing the consortium as a preeminent force in the revitalisation of PIA.