Pakistan International Airlines (PIA) celebrated a return to European skies on Friday, resuming flights six weeks after the European Aviation Safety Agency (EASA) lifted a four-year ban on the airline due to safety concerns, Bloomberg reports.
The news sent shares of the struggling national carrier soaring.
Radio Pakistan reported that PIA will initially operate two weekly flights to Paris, with plans to expand to other European destinations, according to Defense Minister Khawaja Asif. The inaugural flight to Paris took off on Friday, marking the end of a ban imposed in the wake of revelations that many of the airline’s pilots held fake licenses, an admission made by a former aviation minister.
The relaunch comes as Prime Minister Shehbaz Sharif’s government pushes forward with another attempt to privatize the debt-ridden airline, which has been posting losses for over a decade. The Privatisation Commission aims to solicit initial bids for a majority stake this month, with the goal of completing the sale by June, according to Commission Secretary Usman Bajwa, as reported by Business Recorder.
This attempt follows a previous failed privatization effort after the sole bidder offered significantly less than the government’s valuation.
Investors reacted positively to the resumption of European flights, with Pakistan Air shares jumping as much as 7% in Karachi trading, the largest single-day gain since December 17.
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