ISLAMABAD: Pakistan is set to hold a live broadcast bidding process today, Tuesday, for the privatization of the Pakistan International Airlines (PIA), officials said, with three consortiums contending to buy the loss-making national flag carrier.
The government prequalified four investor groups in July, but Fauji Fertilizer Company, part of a military-backed conglomerate, withdrew from the process recently.
The remaining contenders include two consortiums led by Lucky Cement and Arif Habib Corporation, and a private airline Airblue.
Pakistan aims to privatize 75 percent of the carrier, while retaining its name and branding, according to PM Shehbaz Sharif’s office. The decision marks Islamabad’s most aggressive push in decades to reform the debt-ridden airline, which has accumulated more than $2.8 billion in losses.
Speaking to Arab News, Muhammad Ali, adviser to the prime minister on privatization, said the exit of Fauji Fertilizer Company from the bidding process does not preclude future collaboration.
