ISLAMABAD: The Privatisation Commission is set to receive bids for a 75 per cent stake in Pakistan International Airlines Corporation Ltd (PIAC) on December 23, with three bidders remaining in the race following the withdrawal of Fauji Fertiliser Company Ltd.
According to the commission’s programme, bids will be submitted between 10:45am and 11:15am and opened at 3:30pm in a process to be broadcast live on television. The bidders include two local consortiums—one led by Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures, and another comprising Arif Habib Corporation, Fatima Fertiliser, City Schools and Lake City Holdings—along with Air Blue (Private) Ltd.
Privatisation Commission Chairman Muhammad Ali said sealed bids would be placed in a transparent box before the board fixes a reference price, subject to approval by the Cabinet Committee on Privatisation. If bids exceed the reference price, an open auction will follow.
Under the transaction structure, 92.5pc of the bid amount will go to PIA, while 7.5pc will accrue to the national exchequer. The government will retain 25pc shares, with an option for the successful bidder to acquire them later at a premium.
Mr Ali said PIA’s revival could significantly boost economic growth, noting the airline’s untapped potential, existing landing rights and need for private-sector investment and efficient management.
Story by Ali Ahmad
