The government’s attempt to privatise the struggling Pakistan International Airlines (PIA) drew a single bid from six potential contenders, Bloomberg reported on Tuesday.
According to Ahsan Ishaq, spokesperson for the Privatisation Ministry, an unnamed bidder submitted the required “earnest money” to the Privatisation Commission by Tuesday’s deadline, affirming their commitment. Ishaq did not disclose the identity of the bidding party.
Initially, six entities were shortlisted as potential buyers of PIA shares. These included notable domestic and regional players such as Airblue Ltd, Arif Habib Corporation Ltd, Fly Jinnah by Air Arabia, YB Holdings Pvt, Pak Ethanol Pvt, and the real estate giant Blue World City. However, only one party ultimately proceeded with a formal bid.
Finance Minister Muhammad Aurangzeb recently confirmed the government’s plan to privatise PIA in November, aligning with commitments made to the International Monetary Fund (IMF) as part of a 37-month, $7-billion bailout program.
