Shaheen Air International (SAI) is aiming to restart its operations by January. The airline was grounded five months back owing to the payments default.
Shaheen Air International which needs nearly Rs3.1 billion to restart its operations has contacted the stakeholders in the Middle East, western regions and East Asia for the arrangement of these funds, as informed by an airline official on the request of anonymity.
The airline operations are suspended since May this year besides the special Hajj flights and the flight that brought the stranded Pakistanis back from China.
The official said that the airline would start its operations again on all the eleven routes on which it was flying before the suspension of operations.
Earlier, SAI was flying on routes which included Middle Eastern regions and China. Locally it was providing the flights to three destinations including Lahore, Karachi and Islamabad.
The airline had been providing services for eighteen routes and have got more than fifteen aircraft before the financial issues affected it.
But, now the fleet size has been reduced to seven after SAI recently leased A-319 aeroplanes and some of the old aircraft were grounded permanently.
There are rumours in the market that the SAI has been taken over by a Saudi-based investor who would soon be taking the management control for which the official said that they are reviewing all the possible options for the financial arrangements.
The official clearly denied the management change and explained that the country law does not allow hundred per cent stake in any of the local airlines to any overseas investors. He further added that the airlines must have a fifty-one per cent majority shareholding and if the firm had to give a stake to the Saudi based investor, then it would be needed to have a local partner there which is not the case.
The official further said that they are working hard and soon would give good news about the needed financial arrangement.
Shaheen Air International is owned by the Sehbai family. It is searching for new directions including the option of arranging to get financial support from other resources and friends.