Pakistan’s Privatization Commission Board has issued conditions for interested Pakistan International Airlines (PIA) buyers.
According to details, the Privatization Commission Board has approved the eligibility criteria for privatising PIA. The Federal Minister for Privatization, Abdul Aleem, approved during a board meeting.
As per the approved eligibility criteria, a bidder must have a minimum net worth of 30 billion rupees (approximately 100 million dollars) to participate in the auction for PIA. Based on the most recent financial statements, the bidder should possess 30 billion rupees. If the bidder is a consortium, the total net worth of the consortium should be 30 billion rupees, with the lead bidder having a net worth of 8 billion rupees.
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The government has also established a pre-qualification committee for this process. A bidding consortium is required to demonstrate a total annual income of 200 billion rupees as a non-airline enterprise.
It is noted that the government currently holds 96% of PIA’s shares and has called for bids for the auction of 51% of the national airline’s shares. The deadline for submitting qualification statements is set for May 3.
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