PIA Privatization Sole Bid Below Expectations Govt Urges Action
As per the details, the Ministry has decided to send the matter about the privatization of PIA to the cabinet committee.
The minister urged that the privatization process of the national institutions including PIA should be improved and any delay in this regard should be avoided.
Earlier in Oct, the final bidding process for the privatization of PIA attracted just one bid of Rs10 billion ($36 million) for a 60 percent (pc) stake in the national flag carrier.
PIA stake sale attracts sole bid below govt’s expectations
The government had pre-qualified six groups in June, but only real-estate development company Blue World City participated in the bidding process, placing a bid that was below the government-set minimum price of Rs85 billion.
Pakistan is looking to offload a 51-100pc stake in debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund program.
The Privatisation Commission said it had asked the bidder to match the minimum bid.
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