The Pakistan government received one bid out of a total of six groups for a stake in the national carrier – Pakistan International Airlines – as other consortiums stayed away from one of the country’s major privatisation attempts, reported Bloomberg on Tuesday.
The bidder deposited “earnest money” for the transaction with the nation’s Privatisation Commission by Tuesday’s deadline, Ahsan Ishaq, spokesman for the Privatisation Ministry, was quoted as saying in the report.
Ishaq did not disclose the name of the interested party, the report added.
A total of six groups had been shortlisted to bid for shares in PIA including Airblue Ltd., Arif Habib Corporation Ltd., Air Arabia’s Fly Jinnah, Y.B. Holdings Pvt., Pak Ethanol Pvt. and real estate consortium Blue World City.
Pakistan aims to privatise flag carrier PIA in November: finance minister
Pakistan has been looking to privatise its loss-making flag carrier for years with the latest attempt a part of its commitment to the International Monetary Fund (IMF) with which it has an ongoing 37-month, $7-billion bailout.
PIA Holding Company Limited’s share price (PIAHCLA) closed at Rs18.82 at the end of trading on Tuesday.
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