ISLAMABAD: Arif Habib — chairman of the investment firm that headed the consortium that won the auction for a controlling stake in Pakistan International Airlines Corporation Ltd (PIACL) — has said the privatisaton of the national flag carrier would lead to an increase in employment in the airline as the new owners were looking to expand its business.
An Arif Habib group-led consortium had won the auction for the airline with a bid of Rs135 billion last week after a competitive process, marking the country’s first major privatisation in nearly two decades.
The investment firm‘s chairman spoke about the development on mediaNewsTV programme ‘Doosra Rukh’ — televised on Monday night — where he was asked about PIA employees’ concerns, reservations and protests regarding their jobs against the backdrop of the airline’s privatisaion.
In response, Habib said the “number of staff [in the airline] was reasonable”, adding that the privatisation would in fact increase employment on the whole as an expansion was planned and, therefore, more team members would be required.
But, he continued, a major issue would be that of “quality and performance”.
“And we have come to know that most of these people are very competent,“ he said, adding that Pakistanis were generally capable people.
Moreover, Habib said PIA had an “excellent track record” and that at one time, it was the world’s second-best airline. “These are the same people who made it the second-best airline.”
Similarly, he added, PIA had also played “a very important role“ in the establishment of Emirates, Singapore and Malta airlines.
“This means Pakistanis have the skill, and if they are given confidence, a proper platform and support, then I think these people can run PIA well.
“We hope that they will play their role in bringing its (PIA’s) past glory back,” he added.
A day after PIA’s privatisation, Adviser to the Prime Minister on Privatisation Muhammad Ali had also told Reuters during an interview that the buyer must retain all employees for 12 months after the transaction, with contracts unchanged.
Habib was also asked about Fauji Fertiliser Company during the interview.
Fauji Fertliser was initially in the race to acquire PIA shares but it later opted out of the bidding process. After the PIA auction, it joined the consortium led by Arif Habib Corporation Limited.
Confirming the development, Arif Habib had earlier told media that the company had joined his consortium and discussions were under way to finalise the terms and conditions of the partnership.
Speaking about it on ‘Doosra Rukh’, he said Fauji Foundation Company was part of the consortium as a shareholder of PIA.
He also said he had met Chief of Defence Forces and Army Staff Field Marshal Asim Munir on two occasions before PIA’s privatisation — first in Karachi and then in Rawalpindi. On both occasions, he said, other businessmen and industrialists were also present, and the Field Marshal had emphasised that local businesses should show interest and invest in the airline.
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