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PIA Formally Gets Ownership Of Three A310 Aircraft

Fri Jan 04, 2002 5:09 am

PIA formally gets ownership of three aircraft
By Our Commerce Reporter

LAHORE–Pakistan International Airlines (PIA) has formally acquired the legal ownership of three A310-300 aircraft, which were initially purchased in 1991 under the Hire Purchase Agreement and Syndicate Loan, a decade ago, said a Press note issued here on Tuesday.
The loan, amounting to a principal amount of $226 million in addition to the interest amounting to $122 million has been successfully settled on time by PIA, out of its own resources, over a period of ten years. Keeping in view the financial crises, the national airline has been confronted with this is no small feat.
The present PIA management, which took over the airline 8 months ago, has once again succeeded in achieving the laid down objectives and goals it had envisaged in its business plan to steer the airline out of the woods and position it on the path to recovery and progress.
At a simple ceremony held recently at the PIA Head Office, Managing Director PIA Ahmed Saeed signed the legal documents. Chief Operating Officer, PIA Khursheed Anwar and Director Finance Kaleem Malik were also present, the Press note added.

source: The Nation: Online edition