Real estate developer Blue World City has declined to raise its bid of Rs. 10 billion for acquiring a majority stake in Pakistan International Airlines (PIA).
The bid of Rs. 10 billion was significantly lower than the government’s reserve price of Rs. 85 billion. Although Blue World City was given 30 minutes to adjust its offer to meet the reserve price, the developer chose not to increase its bid.
Read more: Single Bidder Proposes Only Rs10 Billion for PIA Privatization
As per the regulations, the Privatization Commission now has the authority to either declare Blue World City as the highest bidder or to cancel the bidding process altogether.
Earlier, the Cabinet Committee on Privatization (CCoP) had reviewed and approved the reference price suggested by the Privatization Commission Board for the sale of 60 percent of PIA’s shares, with specific terms and conditions outlined in the bidding document. Initially, six bidders were pre-qualified, but only Blue World City expressed formal interest by submitting earnest money before the deadline.
