Bidding for PIA sell-off today
Business
Govt promised to complete the process by Oct 31
ISLAMABAD (Dunya News) – The process of bidding for the privatisation of the Pakistan International Airlines (PIA) began on Thursday.
Reports say one of the six pre-qualified bidders has already submitted the required earnest money to participate in the process.
Earlier, the Privatisation Commission had pre-qualified six bidders - Fly Jinnah, a consortium led by YB Holdings (Pvt) Ltd, Airblue Ltd, a consortium led by Pak Ethanol (Pvt) Ltd, Arif Habib Corporation Ltd, and Blue World City.
The board shortlisted these companies based on technical, financial and documentary requirements, and invited them to proceed.
According to an agreement, the successful bidder will be eligible to acquire 51pc to 100pc of PIA’s share capital, along with management control.
The International Monetary fund had given September deadline to Pakistan to privatize the flag-carrier but it failed to do so.
Later, the government promised to complete the process by Oct 31.
