CCP okays PIA’s acquisition by Holdco

The antitrust watchdog on Saturday announced the approval of the Scheme of Arrangements for the acquisition of 100% shareholding in Pakistan International Airlines Corporation Limited (PIACL) by a new company named PIA Holding Company Limited (Holdco). In its order, the Competition Commission of Pakistan (CCP) said that the acquisition of PIA Corporation by PIA Holding Company would not have any material impact on the market. It described the nature of the holding company’s business as real estate, which would own PIA’s liabilities, specific business property, rights and obligations both inside and outside of Pakistan. The CCP announced the decision two days after the Privatisation Commission (PC) board extended the date for submission of Expressions of Interest (EOI) by investors by 15 days. The commission was compelled to extend the date after a majority out of the 10 parties that bought bidding documents did not submit them. No foreign airline has shown interest in PIA’s privatisation so far, although three domestic private airlines have participated in the process.