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Reading: Only One Buyer Steps Up in PIA Privatization Bidding
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KP government PIA purchase bid
PhotoNews Pakistan > Business > Only One Buyer Steps Up in PIA Privatization Bidding
Business

Only One Buyer Steps Up in PIA Privatization Bidding

Web Desk
By Web Desk Published October 31, 2024 1 Min Read
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PIA Privatization. Photo Credits: PIA
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The privatization bidding for Pakistan International Airlines (PIA) is set for today, indicating that only one of the six pre-qualified bidders has deposited the necessary earnest money to engage in the process.

Bidding for the privatisation of flag carrier Pakistan International Airlines (PIA) will be held today (Thursday) at the Serena Hotel, Islamabad, a statement from the Privatisation Commission said on Thursday.

The bids will be submitted at 1:30pm and opened at 6:30pm.

Read… pic.twitter.com/7flwYZzI4c

— Business Recorder (@brecordernews) October 31, 2024

Initially, the Privatisation Commission pre-qualified six contenders, including 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.

Following a thorough evaluation, the Privatisation Commission board shortlisted these entities, assessing their technical, financial, and documentary capabilities, and invited them to commence the next phase, which includes buy-side due diligence.

The successful bidder will have the opportunity to acquire between 51% and 100% of PIA’s share capital and gain management control.

The national flag carrier PIA remains predominantly government-owned, with the state holding about 96% of its issued capital. Privatisation Secretary Usman Akhtar Bajwa could not be reached to confirm the number of bidders actively participating.

#PIAPrivatization: Bidding for PIA takes place today, with meetings of the Privatization Commission Board and Cabinet Committee likely to approve a reserve price.

This #privatization move could save the #government billions annually by cutting deficit and #debt.#SamaaTV pic.twitter.com/d7cumEAnoY

— SAMAA TV (@SAMAATV) October 31, 2024

As a full-service carrier, PIA operates across multiple business sectors, including passenger services, ground handling, flight training, cargo, engineering, and in-flight catering.

TAGGED:FeaturedPak­istan
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