Dubai: Dubai Islamic Bank (DIB) is heading a consortium advising the Pakistani government on restructuring and privatising Pakistan International Airlines (PIA).
The Pakistani government has long considered privatising PIA. The airline has been met with ongoing losses and allegations of mismanagement and in recent years it has been surrounded by bankruptcy talks.
According to reports, the Pakistani government is looking to offload management of the airline along with 26 to 51 per cent of shares.
The consortium also features IATA Consulting, part of the International Air Transport Association, Deloitte Pakistan, HaidermotaBNR, Freshfields Bruckhaus Deringer, Abacus Consulting, Apco Worldwide and Prestige Communications.
“The appointment of DIB’s advisory team on this landmark transaction is testament to the bank’s undisputed technical capability, sophistication, credibility and expertise in advising and executing transactions along a wide spectrum of financial requirements and across a varied and diverse customer base,” said Adnan Chilwan, Chief Executive Officer at Dubai Islamic Bank.
The appointment of DIB as a financial advisor is one of the first clear actions by the Pakistani government to privatise PIA.