Uprise Group, spearheaded by Tabassum Pardesi, has entered the bidding fray for the acquisition of Pakistan International Airlines (PIA). Pardesi, renowned for her founding role in Skywise Airline back in 2014, has since been a driving force behind Uprise Group, encompassing Uprise Markets, Uprise Africa, and Uprise Aviation, as reported by TheNews.
Pardesi’s association with PIA traces back to 2017, when she briefly held the position of Director of Customer Services within the airline.
In parallel developments concerning PIA, the Securities and Exchange Commission of Pakistan (SECP) has greenlit the Scheme of Arrangement between PIA and PIA Holding Company Limited (HoldCo).
This year, the Federal Cabinet gave the nod to the segregation of PIA, along with the approved Scheme. Last month witnessed the scheme garnering approval from PIA’s shareholders and creditors. The scheme’s essence lies in effecting the legal segregation of PIA’s fundamental aviation operations from its non-core activities, thereby transferring non-aviation-related ventures from PIA to HoldCo.
With the formal approval of the scheme, HoldCo is poised to assume complete ownership of PIA, with shares also earmarked for distribution among eligible PIA shareholders.
The developments surrounding Uprise Group’s participation in the bid for PIA acquisition, coupled with the regulatory advancements pertaining to PIA’s restructuring, reflect significant strides within Pakistan’s aviation sector, heralding potential shifts in the industry landscape.
