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The Pakistan government received one bid out of a total of six groups for a stake in the national carrier – Pakistan International Airlines – as other consortiums stayed away from one of the country’s major privatisation attempts, reported Bloomberg on Tuesday.

The bidder deposited “earnest money” for the transaction with the nation’s Privatisation Commission by Tuesday’s deadline, Ahsan Ishaq, spokesman for the Privatisation Ministry, was quoted as saying in the report.

Ishaq did not disclose the name of the interested party, the report added.

A total of six groups had been shortlisted to bid for shares in PIA including Airblue Ltd., Arif Habib Corporation Ltd., Air Arabia’s Fly Jinnah, Y.B. Holdings Pvt., Pak Ethanol Pvt. and real estate consortium Blue World City.

Pakistan aims to privatise flag carrier PIA in November: finance minister

Pakistan has been looking to privatise its loss-making flag carrier for years with the latest attempt a part of its commitment to the International Monetary Fund (IMF) with which it has an ongoing 37-month, $7-billion bailout.

PIA Holding Company Limited’s share price (PIAHCLA) closed at Rs18.82 at the end of trading on Tuesday.

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Comments

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Habib Malik Oct 30, 2024 12:32am
Once a glorious airline, PIA is being sold as a rusted piece of iron. Courtesy of Government's poor policies, vested interests and corruption at every level. It is really a matter of shame.
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NAVEED Oct 30, 2024 05:15am
if accountability is done through article six of those who brought PIA to this level. PIA must have most valuable airline. Mara banda tera banda esteblishment hates accountability
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S. A. Hyder Oct 30, 2024 07:10am
Thanks to the fraud by the rulers، once the best airline, and now a junk, run and managed by the great junkies the airline is fit to be thrown in the garbage along with all the junkies.
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