A bidding event for the privatization of Pakistan International Airlines (PIA) took place in Islamabad, leaving the administration stunned by the single bid received.
The ceremony to unveil the bid from the Blue World City Consortium was attended by various officials, including Secretary of the Privatization Ministry Javed Pal and CEO of Blue World City Saad Nazir.
Read more: PIA Auction Scheduled for Today
The consortium presented the only bid for acquiring 60% of PIA’s shares, offering just Rs10 billion, which caused laughter among attendees, while the PIA administration appeared dismayed given the airline’s assets were valued at Rs152 billion. The government had set a minimum price of Rs85.3 billion for privatization.
Despite being given 30 minutes to reconsider their offer, the consortium opted to stick with the Rs10 billion bid. Saad Nazir suggested that if the government does not proceed with the privatization, they should manage PIA themselves, citing the airline’s liabilities of Rs200 billion and the possibility of starting a new airline for Rs85 billion. The bidding process concluded, and the Privatization Commission will now present the bid to the federal cabinet.
