ISLAMABAD: The Privatisation Commission (PC) has said that it is “fully prepared” for the second attempt at the Pakistan International Airlines’ (PIA) sell-off, with “several returning bidders and parties participating in the process”.

The commission informed this in the 6th meeting of the National Assembly’s Standing Committee on Privatisation, chaired by Farooq Sattar on Monday.“The committee was briefed on various aspects of PIA’s privatisation, and informed by the Privatisation Commission’s chairman that the second attempt for PIA’s privatisation is fully prepared, with several returning bidders and parties participating in the process,” a statement from the National Assembly Secretariat read.

PIA apologises for controversial Eiffel Tower advert. In October last year, the government’s plan for privatisation of the national carrier fell flat after the only bidder, Blue World City consortium refused to match the minimum expectation of the PC of Rs85.03 billion and stuck to an offer of Rs10 billion for a 60% stake in the PIA.The government now plans to start a fresh process for PIA sell-off. In the Monday’s meeting, it was informed that bidders had recommended waiving 18% GST (Goods and Services Tax) imposed by the government on the induction of new planes and fleet expansion. Removing the tax would facilitate new aircraft acquisitions and support the growth of the aviation industry, it was explained to the committee.

“The liabilities of PIA amount to Rs45 billion, including; Rs26 billion in taxation dues to the Federal Board of Revenue, Rs10 billion owed to the Civil Aviation Authority (CAA) and the remaining amount consists of pension liabilities.