Metro53 - Islamabad (Web Desk)In the ongoing privatization process of Pakistan International Airlines (PIA), the Arif Habib Consortium has submitted the highest bid of Rs 115 billion.
During the second phase of PIA’s privatization held in Islamabad, the Arif Habib Group offered a higher bid compared to the Lucky Consortium and Airblue. The ceremony was attended by Adviser to the Privatization Commission, Muhammad Ali, as the chief guest.
Addressing the event, Muhammad Ali stated that PIA’s privatization would help attract investment into the country and that the government aims to restore the national airline to its former standards. He said the government has decided to privatize 51 to 100 percent of PIA shares, adding that some bidders had shown interest in purchasing 75 percent of the shares.
He further explained that bidding for 75 percent of PIA shares is taking place, while matters related to the remaining 25 percent shares can be finalized within 90 days. According to the adviser, two-thirds of the payment will be made upfront, while the remaining one-third will be paid later. Bidders have also been allowed to include up to two additional partners after the bidding process.
Muhammad Ali added that 92.5 percent of the amount raised through privatization will be spent on improving PIA.
At the event, the Lucky Consortium submitted a bid exceeding Rs 101.5 billion, while Airblue offered Rs 26.5 billion. However, the highest bid of Rs 115 billion was submitted by the Arif Habib Consortium, making it the leading contender in PIA’s privatization process.
