The much-anticipated bidding process for the privatization of Pakistan International Airlines (PIA) officially commenced on October 31, marking a significant step in the long-awaited journey toward privatization.
After numerous delays and much hype, the government set a minimum bid of Rs85 billion for potential bidders. Out of six companies shortlisted, only one—Blue World City—participated in the bidding.
Read more: Blue World City Declines to Raise Rs. 10 Billion Bid for PIA
They offered Rs10 billion for a majority stake, which accounts for just 12% of the approved minimum sale price.
Latest Update: The commission has rejected the Rs10 billion bid, leading to plans for a new bidding round.
