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News Topical, Digital Desk : Pakistan on Tuesday completed the privatisation process of its national flag carrier airline, selling it to a consortium led by a local investment company for Rs 135 billion.
Bidding for the privatisation of Pakistan International Airlines (PIA) was held in Islamabad where three conglomerates, including Lucky Cement, private airline Airblue and investment firm Arif Habib, submitted their sealed bids in a transparent box.
Privatization of Pakistan International Airlines completed
The bids were then opened, with Arif Habib submitting the highest bid of 115 billion rupees, followed by Lucky Cement with 105.5 billion rupees and Airblue with 26.5 billion rupees.
After the bids opened, the government announced a reference price of 100 billion rupees. According to the rules, the two highest bidders were given the opportunity to compete in the initial auction process.
The airline deal was done for Rs 135 billion.
Both Arif Habib and Lucky Cement competed fiercely to acquire the airline and gradually increased their bids, until the Arif Habib Group bid ₹135 billion, which went unchallenged.
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