ISLAMABAD (Web Desk) – 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 the airline.
The bidding process would be completed in stages. Three consortiums are involved in the bidding process under the Privatisation Commission. The first consortium consists of Lucky Cement, Hub Power Holdings Limited, Kohat Cement Limited and Metro Ventures.
The second consortium consists of Arif Habib Corporation, Fatima Fertilizer, City Schools (Private) Limited and Lake City Holdings Limited.
The third consortium includes Air Blue (Private) Limited participating in the bidding process.
Sealed bids from bidders were submitted at 10:30 am. The reference price for the bid will be approved by the Privatisation Commission Board and the Cabinet Committee on Privatisation.
The bids will be opened in the presence of the bidders at a ceremony at 3:30 pm. The bids and reference price will be announced at the ceremony, and the privatisation process will be completed in accordance with the agreed regulations.
It may be noted that 75 percent shares will be auctioned. Of the proceeds, 92.5 percent will be spent on PIA and 7.5 percent will go to the national treasury.
International observers have arrived in Islamabad to watch the PIA bidding process.
