The Privatisation Commission Board has okayed the British multinational Ernst & Young as financial adviser for the privatisation of the Pakistan International Airlines to ready the financially-struggling entity for sale.
The board that met here with caretaker Minister for Privatisation Fawad Hasan Fawad in the chair on Friday granted approval to appoint the financial advisor for the divestment of the Pakistan International Airlines Corporation. Eight parties had submitted proposals to be the financial advisor. The Evaluation Committee, formed by the Privatisation Commission Board, declared the “Consortium led by Earnest & Young” as the top-ranked party based on criteria. The board established a negotiating committee to finalise the financial services agreement with the top-ranked bidder.
