Government Plans to Keep Stake in PIA After Selling It to Highest Bidder
The federal government plans to keep a stake in Pakistan International Airlines (PIA) even after selling it to the highest bidder, Bloomberg reported. This allows the government to benefit from any future increase in the airline’s value.
Secretary of the Privatisation Commission Usman Bajwa stated that the final bidding date will be announced in 10 days, with the government aiming to sell at least 51% of PIA. The goal is to improve the airline’s profitability and advance towards a new loan agreement with the IMF.
Previous attempts to sell PIA were unsuccessful. The Ministry of Privatization also plans to sell ten entities, including the Roosevelt Hotel in New York. Last month, six groups were shortlisted for the PIA sale, including Arif Habib and a consortium led by the Yunus Brothers Group, as well as one involving Swiss Aviation Group AG, Austria’s Airport Competence GmbH, and Australia’s Pearl Asset Management.
