Joint Action Committee of PIA Employees (JACPIAE) interested in buying PIA shares
Islamabad (Saturday, September 14, 2013) – Joint Action Committee of PIA Employees (JACPIAE) has shown its interest to buy 26% shares of Pakistan International Airlines (PIA).
JACPIAE has already approached local and foreign investors to back its bid, and PIA’s Collective Bargaining Agent (CBA), which is controlled by Pakistan People’s Party-backed labour union, agrees with them.
Pakistan has previously witnessed two successful employee-buyouts. First in 1991, when Exxon decided to exit the market, its employees arranged financers and bought 75% equity in what later became Engro Corporation.
And consecutively a year later, employees collectively bought out Millat Tractors, which is now one of the most competitive companies in the country.
In the last week GoP announced to privatize the state own airlines with 26 percent share sail-out.