ISLAMABAD: The Privatization Commission has given an update on the privatization of Pakistan International Airlines (PIA) through the bidding event, confirming that the bidding for the sale of 75% shares in the airline will be held today, Tuesday.
The Privatization Commission has released a statement that by 10:30 AM Tuesday, the sealed bids from the prospective bidders will be submitted, and then the commission will declare the reference price for the airline’s shares. After assessing the received bids, the Privatization Commission Board and the Cabinet Committee on Privatization will approve the reference price.
The biggest event of the day, the bidding ceremony, will start at 3:30 PM and will be live-streamed. The acceptance of bids and the fixing of the reference price will happen at the same time during the event, and the privatization process will go on according to the laid-down regulations.
The Privatization Commission concluded by stating that the goal of privatizing the national carrier is to ensure a “legendary comeback” for PIA, reinforcing its legacy and prospects.
Mohammad Ali, the Prime Minister’s Consultant on Privatization, will also conduct a press conference after the bidding procedure is over.
In the announcement, the Privatization Commission asserted that the PIA privatization follows Prime Minister Muhammad Shahbaz Sharif’s economic reform plans. The government is determined to provide a privatization process that is transparent, credible, and reliable, as well as one that adheres to all rules and regulations.
The statement continued that the privatization process would be era-defining in terms of transparency and the live coverage would be through all TV stations and the official social media of the government and the Privatization Division.
