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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Punjab: Blast near army cantt area in Amritsar, hours after explosion in Jalandhar
Chandigarh (PTI): An explosion occurred near the army cantonment area in Khasa late Tuesday night in Punjab's Amritsar, the second such incident which took place around three hours after a blast outside the headquarters of the Border Security Force's Punjab Frontier in Jalandhar.
According to the police, an investigation into both blast incidents is currently underway, and no injuries have been reported.
The first explosion happened around 8 pm in Jalandhar, while the second blast occurred at approximately 11 pm in Amritsar.
Amritsar (Rural) Senior Superintendent of Police Suhail Mir Qasim stated that police received reports of a loud sound at around 11 pm on a road in Khasa. "Our teams arrived on the scene immediately," he said.
Preliminary inspections indicated that someone had thrown an explosive device towards the boundary wall, leading to the explosion, according to the SSP.
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Police mentioned that a piece of a tin sheet covering the boundary wall had fallen as a result of the blast.
Following the explosion, a team of forensic and bomb disposal squad visited the site to collect samples.
Amritsar Rural Superintendent of Police Aditya S. Warrier, who also visited the scene, confirmed that further investigations are ongoing. Police added that a team of army officials also assessed the situation, after which the area was cordoned off.
CCTV footage from the vicinity shows the explosion occurring at night. A local villager reported that his family was awakened by the loud sound and came outside their home to see what had happened.
Before the Amritsar explosion, a blast took place outside the headquarters of the Border Security Force's Punjab Frontier in Jalandhar district around 8 pm on Tuesday, causing panic in the area.
CCTV footage captured the explosion, which resulted in a cloud of smoke. An unidentified man was seen running for cover following the blast.
The blast ripped apart a scooter, damaged a traffic signal pole and windowpanes of a nearby shop. Locals recounted that the scooter, which was parked outside the BSF headquarters, Punjab Frontier, caught fire shortly after a loud sound. It belonged to Gurpreet Singh, who regularly delivers parcels in the area.
Talking to reporters on Tuesday night, one of Gurpreet's relatives said that the scooter caught fire as he was approaching it. He immediately called his father and informed him about the incident.
Jalandhar Police Commissioner Dhanpreet Kaur confirmed to reporters late Tuesday that an Activa scooter parked near the gate caught fire suddenly. She stated that Gurpreet is fully cooperating with the investigation.
Witnesses nearby reported hearing a loud sound following the explosion.
On April 27, an explosion occurred at a freight corridor rail track in Shambhu in Patiala. Police had arrested four members of a pro-Khalistan terror module, backed by Pakistan's ISI, for the blast.
In light of these incidents, opposition parties have condemned the AAP government for its handling of the situation.
Shiromani Akali Dal (SAD) President Sukhbir Singh Badal criticised Chief Minister Bhagwant Mann, who also holds the home portfolio, over the recent blasts.
"Three blasts in 10 days, two in a single day, May 5: Jalandhar outside BSF headquarters and Sri Amritsar Sahib Army area, April 27: Rajpura rail track. Continued intelligence failures and the collapse of law and order are a matter of grave concern. Chief Minister @BhagwantMann, who is also the state Home Minister, is busy with mimicry and cheap politics. He has forfeited the right to remain in office," Badal said in a post on X.
Punjab Congress chief Amrinder Singh Raja Warring also slammed the Mann government over the two blasts.
"Back-to-back blasts have shaken Punjab. Yesterday in Jalandhar, and now near Khasa Camp in Amritsar, this is deeply alarming. Who is trying to destabilise our state? Why has the Punjab Government failed to prevent such incidents? What is the Government of India doing? Repeated lapses point to a serious breakdown of intelligence and security. Punjab's peace cannot be compromised. We demand accountability and immediate action," Warring said in a post on X.
