Business
Uprise Group Enters Bidding Process for PIA
Uprise Group has announced its participation in the bidding process for the acquisition of Pakistan International Airlines (PIA).
Led by Tabassum Pardesi, a seasoned aviation expert, Uprise Group is poised to bring a fresh perspective to the national carrier’s operations.
Pardesi’s involvement with PIA dates back to 2017, when she served as the Director of Customer Services.
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Her experience and expertise in the aviation sector make Uprise Group a strong contender in the bidding process.
Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) has approved the Scheme of Arrangement between PIA and PIA Holding Company Limited (HoldCo).
This scheme entails the legal separation of PIA’s core aviation business from non-core activities, paving the way for a more focused and efficient airline operation.
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With the scheme’s approval, HoldCo is set to acquire 100 percent shareholding in PIA, with shares also being issued to qualifying shareholders of PIA.
The development marks a significant milestone in PIA’s restructuring process, aimed at revitalizing the airline’s fortunes.
