Govt Delays Final Bidding Process For PIA Sale

The privatization of Pakistan International Airlines (PIA) has again hit a roadblock as the majority of potential bidders have requested more time, reported Bloomberg A new bidding date of October 1 has been proposed. Initially, the federal government had aimed to finalize the PIA sale by August 14. Bidders have expressed concerns over the ongoing ban on PIA flights to Europe and are still waiting for the airline’s audited accounts and a draft shareholding agreement. The bidding process includes Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium. The Privatisation Commission has not yet provided an updated schedule. Finance Minister Muhammad Aurangzeb had previously hoped to conclude the privatization by July. The government of Pakistan had announced plans to sell a stake ranging from 51-100 percent in the struggling airline, aligning with reforms recommended by the International Monetary Fund (IMF).