Three consortia take part in bidding for PIA privatisation

ISLAMABAD (Dunya News) - The bidding for the privatisation of the national carrier Pakistan International (PIA) began on Tuesday with three major business groups entering the fray to acquire airline.

The Privatisation Commission would hold an open bidding for 75 percent shares of Pakistan International Airlines Corporation Limited (PIACL).

The sealed bids would be submitted in the morning at 10:30 am by the bidders, said a news release.

It said the reference price for PIACL’s bidding would only be approved by the Privatisation Commission Board and the Cabinet Committee on Privatisation after bids have been received.

The bids would be opened in a ceremony starting at 3:30 pm in the presence of the bidders.

Three parties are currently in the run to acquire 75pc shares in the national flag carrier. They are; consortiums led by AirBlue, Arif Habib Pvt Ltd and Lucky Cement, following the exit of the Fauji Fertiliser Company (FFC).

Read More: PIA privatisation rescheduled amid renewed government push for investors

The bids and the reference prices would be announced and the bidding would be concluded as per agreed terms.

The event would be telecast live on TV and digital media.

Adviser to the Prime Minister on Privatisation, Muhammad Ali, would also hold a press conference after the conclusion of the bidding process.

The privatisation of PIA is being undertaken as part of Prime Minister Shehbaz Sharif’s economic reform agenda.

As the government is committed to ensuring transparency, the whole privatisation process would be telecast live and streamed across all TV channels as well as respective social media handles of the government and Privatisation Division in line with the vision of the Prime Minister for transparent and trustworthy privatisation activity.

PIACL, the national carrier, is being privatised to ensure ‘the legend returns to the glory’.