ISLAMABAD: According to sources, just one of the six pre-qualified bidders has paid the needed earnest money to take part in the privatization of Pakistan International Airlines (PIA) auction, which is set for today (Thursday).
Fly Jinnah, a consortium led by YB Holdings (Pvt) Ltd, Airblue Ltd, a consortium led by Pak Ethanol (Pvt) Ltd, Arif Habib Corporation Ltd, and Blue World City were among the six bids that the Privatisation Commission had first pre-qualified.
Following a thorough evaluation, the Privatisation Commission’s board invited these businesses to move forward with the next phase of the bidding process, which involves initiating buy-side due diligence, after shortlisting them based on technical, financial, and documentary requirements.
The winning bidder will have the opportunity to purchase management control and between 51 and 100 percent of PIA’s share capital.
The government owns approximately 96% of the issued capital of PIA, a public limited corporation and national flag carrier. Usman Akhtar Bajwa, the Privatization Secretary, was unable to verify the precise number of bids taking part in the auction.
Passenger services, ground handling, flight training, cargo, engineering, and in-flight catering are just a few of the business categories that PIA works in as a full-service airline.
