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KARACHI: The privatisation process of state-owned Pakistan International Airlines (PIA) has been delayed as majority of the potential bidders sought an extension, it was learnt on Monday.

A new bidding date of October 1 has been suggested, sources familiar with the matter told Business Recorder.

The sources added that potential bidders were concerned over the ban on PIA’s flights to Europe, delay in sharing audited accounts along with the draft of the shareholding agreement. It had earlier been suggested that the government wanted to finalise the deal by August 14.

PIA bidding process to take place in first week of August

Six companies/ consortiums including Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium, have been pre-qualified in the process of PIA privatisation.

The Privatisation Commission did not respond to a query by Business Recorder on the new schedule.

Finance Minister Muhammad Aurangzeb had earlier expressed hope that PIA’s privatisation would be finalised by July.

Pakistan’s government had previously said it was putting on the block a stake of between 51% and 100% in the loss-making airline as part of reforms urged by the International Monetary Fund (IMF).

Copyright Business Recorder, 2024

Bilal Memon

Bilal Memon is the Head of Digital Content at Business Recorder. His Twitter handle is @bilalahmadmemon

Comments

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KU Jul 23, 2024 11:27am
Pakistan is their playground, rules are set by them, so are the results, if in doubt just bring forth the truth.
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Mumtaz Malik Jul 24, 2024 12:08pm
Orient Airways PIA was founded on 29 October 1946 by Shanaz as Orient Airways, and was initially based in Calcutta, British India, before shifting operations to the newly independent state of Pakistan
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Mumtaz Malik Jul 24, 2024 12:10pm
Orient Airways In 1947. Orient Airways was nationalized to form the Pakistan International Airlines Corporation (PIAC).
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Mumtaz Malik Jul 24, 2024 12:17pm
It is truly shocking that we are so engrossed in fighting each other and show no interest in our beloved country. As a result, we are left with no option but to sell off our assets for the survival.
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Sohail Jul 24, 2024 08:48pm
@Mumtaz Malik, Ideally Govt are not responsible for running any Entity. Only responsible for making laws & protecting laws & public rights. Money making for govt is cancer that is hard to kill.
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