Pak govt expedites PIA's privatisation; prepares framework for division of assets and liabilities
Islamabad (PTI): Cash-strapped Pakistan is expediting the privatisation process of its ailing national flag carrier, PIA, and has prepared a framework for the division of its assets and liabilities as part of the move, according to a media report on Monday.
The government has disclosed that the total value of the assets of Pakistan International Airlines (PIA) is Rs 171.43 billion. Once the privatisation process is completed, the PIA’s assets along with its liabilities will be divided between the holding company and the new company taking over the airline, The Express Tribune newspaper reported.
The PIA owes Rs 161 billion to the government and Rs 267 billion to commercial banks, which will be transferred to the holding company, the report said, citing official documents.
Out of the PIA’s assets worth Rs 171.43 billion, assets worth Rs 146.57 billion will be transferred to the new management of the PIA, while assets worth Rs 24.86 billion will remain with the holding company, it said.
The federal government is expediting the privatisation process of the PIA and has prepared a framework for the division of assets and liabilities of the national flag carrier as part of the process, it said.
Out of the PIA's Rs 830 billion deficit, Rs 202 billion will be borne by it and Rs 628 billion by the holding company. As a result, the new company will begin the PIA operations with a deficit of Rs 55.70 billion, the report said.
According to the documents seen by the newspaper, the government will divide the PIA operations into core and non-core segments as part of the privatisation process. All assets and liabilities of the PIA will be divided between these two segments.
Post-privatisation, assets including aircraft worth Rs 92.62 billion, technical equipment for flight operations, operational offices, and other properties, along with long-term deposits worth Rs 6 billion, trade debts and advance deposits worth Rs 22.35 billion, and other receivables worth Rs16.83 billion, will be transferred to the new PIA management.
Additionally, liabilities in the form of long-term financing worth Rs 15.63 billion, aircraft leases worth Rs 30 billion, employee salaries amounting to Rs 27.26 billion, and trade and other payables totalling Rs 121 billion will be inherited by the new company.
Loans taken from domestic and international institutions and the interest payable on them, amounting to Rs 444 billion, will also be transferred to the holding company.
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2nd WT20I: Shafali, spin trio do star turns in India''s seven-wicket win
Visakhapatnam (PTI): Shafali Verma hit a blistering unbeaten 69 as India made short work of a paltry target to outclass Sri Lanka by seven wickets in the second Women’s T20 International here on Tuesday.
India now lead the five-match series 2-0 after another one-sided victory, having restricted Sri Lanka to a modest 128 for 9 through a collective display of disciplined bowling from the spin trio of seasoned Sneh Rana, ably complemented by young spinners Vaishnavi Sharma and Shree Charani.
During the chase, vice-captain Smriti Mandhana (14) fell cheaply but Shafali, enjoying new found confidence after a stellar show in the World Cup final, sent the bowlers on a leather-hunt during her 34-ball knock, winning it for her team in just 11.5 overs.
The hosts have now completed back-to-back successful chases within 15 overs which speaks volumes about the unit's sky-high confidence.
Shafali's innings had 11 punchy boundaries apart from a maximum.
The floodgates opened when left-arm spinner Inoka Ranaweera bowled a few flighted deliveries and Shafali would step out everytime to hit her over extra cover. Her footwork against slow bowlers was immaculate whether stepping out to loft the ball or rocking back to punch or pull.
Seeing her confidence, the newly appointed Delhi Capitals skipper Jemimah Rodrigues (26 off 15 balls) also attacked as the duo added 58 runs in just 4.3 overs.
By the time Rodrigues was out trying to hit one six too many, the match as a contest was over. Shafali completed her half-century off just 27 balls and completed the formalities in a jiffy.
Earlier, off-spinner Rana, who got a look-in after Deepti Sharma was ruled out due to fever, showed her utility keeping the Lankan batters under tight leash with figures of 1 for 11 in 4 overs, including a maiden which certainly is a rarity in T20 cricket.
Charani, who made an impression during India's ODI World Cup triumph, took 2 for 23 in her quota of overs, while Vaishnavi after an impressive debut in the opening encounter, finished with 2 for 32, not letting the Islanders get easy runs in her second spell.
The last six wickets fell for just 24 runs, but what stood out during India’s bowling effort was their superb ground fielding. After a patchy show in the previous game, the improved sharpness in the field resulted in three run-outs.
Sri Lankan skipper Chamari Athapaththu (31 off 24 balls) looked in good nick as she deposited length deliveries from seamers Kranti Gaud and Arundhati Reddy over the ropes but it was Rana, who kept her quiet by repeatedly pitching on good length.
Unable to manoeuvre the strike and with the big hits suddenly drying up, Athapaththu chanced her arm at another delivery in which Rana had shortened the length slightly.
Not having transferred the weight into the lofted shot, Athapaththu's hoick was pouched cleanly by Amanjot Kaur at long-off.
This was after Athapaththu's opening partner Vishmi Gunaratne (1) had offered a simple return catch to Gaud.
Hasini Perera (22 off 28 balls) and Harshitha Samarawickrama (33 off 32 balls) did stitch a stand of 44 but they could never set the tempo against the Indian spin troika.
Once Hasini offered a tame return catch off a Charani full-toss, Sri Lankans never recovered and lost wickets in a heap towards the end.
