ISLAMABAD:

Pakistan International Airlines (PIA) is likely to be handed over to a new buyer by the end of June as the privatisation process enters its final stage, according to sources in the Privatisation Commission.

All domestic and international approvals required for the transaction have been completed, and the share purchase and subscription agreement has been signed with the successful bidder. A payment of approximately Rs85 billion is expected at the first closing, after which the transfer of shares and administrative control will be formally handed over to the buyer. Officials said efforts are being accelerated to complete the process by the end of June. All no-objection certificates and other necessary permissions have also been obtained.