No Truth in Etihad Airways Purchasing PIA
KARACHI: Etihad Airways has denied reports of purchasing Pakistan International Airlines (PIA), which the government has put up for privatisation in the coming months.
“The reports have no substance and are totally unfounded,” it said in a statement issued through its local PR agent. No one was immediately available to explain why the airline felt the need to clarify its position.
The government wants to sell 26% stake along with management control in PIA, which has been saddled with billions of rupees in debt and other legacy costs.
PIA management has been inducted new aircraft lately in a bid to bring down fixed costs and increase frequency but it will take much more for its finances to improve, officials say. Employee unions, backed by thousands of workers and opposition political parties, are up in arm against privatisation.
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