“Uprise Group Steps into PIA Privatization Bid; Pardesi Heads Consortium”

ISLAMABAD: Adding to the discourse on Pakistan International Airlines (PIA) privatization, the Uprise Group has entered the fray for the national flag carrier’s privatization bid, according to reliable sources within the Privatization Commission.

At the helm of the consortium stands Ms. Tabassum Pardesi, a seasoned Pakistani business leader with over 15 years of international aviation experience. Pardesi’s track record includes founding Skywise Airline in South Africa in 2014, marking her as the first woman to own an airline. Since then, she has been instrumental in shaping the Uprise Group, comprising Uprise Markets, and Uprise Aviation.

Pardesi’s brief tenure as Director of Customer Services at PIA in 2017 concluded after four months due to her dissatisfaction with the management’s failure to enact necessary changes, as outlined in her resignation letter.

In her resignation, Pardesi outlined several recommendations to restore PIA’s reputation and operational efficiency, including prioritizing customer service and operational safety, re-evaluating financial strategies, streamlining organizational structure, defining a clear vision and turnaround strategy, developing a comprehensive fleet plan, seeking financial injection with realistic projections, addressing workplace toxicity, improving internal communication, and leveraging aviation investors’ expertise.

The letter, sheds light on the challenges within PIA’s management and operations, emphasizing the need for comprehensive reforms in the aviation sector.

An official from the Privatization Commission, while confirming Uprise Group’s participation, unofficially disclosed names of other contenders, including Arif Habib, Best Way Group, Gerrys International, Lucky Group, Fly Jinnah, Air Blue, Air Sial, Omni Group, and Pioneer Cement Ltd.

Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) approved the Scheme of Arrangement between Pakistan International Airlines Corporation Limited (PIA) and PIA Holding Company Limited (HoldCo).

Earlier this year, the Federal Cabinet endorsed PIA’s legal segregation plan and the Scheme, directing the Aviation Division, PIA, and HoldCo to undertake necessary corporate and regulatory actions. Last month, the scheme received approval from PIA’s shareholders and creditors.

The restructuring entails the legal separation of PIA’s core aviation business from its non-core activities and the transfer of non-aviation-related business from PIA to HoldCo. Approval of the scheme paves the way for HoldCo to acquire 100 percent shareholding in PIA and simultaneous issuance and allotment of shares by HoldCo to qualifying shareholders of PIA.
source: biztoday