US EditionPakistani consortium acquires 75% stake in PIA in major privatization move
The consortium’s Rs135 billion ($482 million) bid marks a key privatization move to attract investment and improve management in Pakistan International Airlines, officials said.
- Pakistan received three bids in a televised auction for a stake in the national carrier Pakistan International Airlines .
- The bidders included consortia led by Lucky Cement Limited, Arif Habib Corporation Limited, and private airline Air Blue Ltd.
- The airline's sale forms part of a broader privatisation push under Pakistan's IMF bailout programme.
61 Articles
61 Articles
Pakistan Airline PIA Sold: Pakistan's Shahbaz Sharif government has even had to sell the country's state-owned airline, PIA. The deal was struck for 135 billion rupees.
Associated Press News
Pakistani consortium acquires 75% stake in PIA in major privatization move
A Pakistani investment firm-led consortium has acquired a 75% stake in Pakistan International Airlines. The purchase happened Tuesday during a televised auction.
ABC FOX Montana
Pakistani firm wins auction for state airline PIA
A Pakistani firm won an auction Tuesday with a $482 million bid for a majority stake in the embattled national carrier PIA, a deal seen as a litmus test of the government's pledge to sell off loss-making state companies.
Times of India
dailyexcelsior.comPakistan sells loss-making PIA for Rs 135 billion after competitive bidding
Pakistan has sold its national airline, PIA. The privatization process concluded with a sale price of Rs 135 billion. A consortium led by Arif Habib emerged as the highest bidder. This marks a significant transaction for Pakistan. The government aimed for a transparent sale. PIA's past mismanagement led to this decision. The sale proceeds will be reinvested in the airline.
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