Three major business companies have submitted bids for the privatisation of Pakistan International Airlines (PIA) during a ceremony on Tuesday. Arif Habib emerged as the largest bidder, followed by the Lucky consortium.
Three pre-qualified consortia have participated in the bidding for the privatisation of the national airline, PIA.
Consortium One, which includes Lucky Cement, Hub Power, Kohat Cement, and Metro Ventures, has submitted a bid of Rs 101.5 billion for PIA.
Consortium Two, consisting of the Arif Habib Group, Fatima Fertiliser, City Schools, and Lake City Holdings, has placed the highest bid at Rs 115 billion.
Consortium Three, represented by Air Blue Private Limited, has bid Rs 26.5 billion.
Muhammad Ali, Chairman of the Privatisation Commission, stated that the privatisation of PIA is a crucial part of the government’s reform agenda. He mentioned that in April, it was decided to sell between 51% to 100% of PIA’s shares, with 75% of the shares to be sold at a later stage.
According to Muhammad Ali, the government aims to attract maximum investment in PIA to enhance the airline’s performance. He added that new opportunities for investment and privatisation will emerge following this bidding process.
The Privatisation Commission has outlined a plan to sell an additional 25% of the shares within 90 days after the bidding concludes, during which time properties, liabilities, transfers, and other related matters will also be addressed.
