Pakistan to start accepting bids for sale of PIA next week
Pakistan’s government will invite bids next week
for the privatization of Pakistan International Airlines (PIA), the Ministry of
Privatization announced on Thursday. The move follows the airline’s first
annual profit in over 20 years.
The government is looking to offload a 51-100 percent stake in the debt-laden national carrier as part of broader efforts to overhaul loss-making state-owned enterprises and meet reform targets under a $7 billion IMF program.
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Last year’s attempt to privatize PIA fell through,
attracting only a single offer—well below the $300 million asking price. Since
then, authorities have transferred most of the airline’s legacy debt to the
government’s books to make the deal more attractive to investors.
“The board approved the pre-qualification criteria for selection of prospective bidders,” the ministry said in a statement, adding that fresh expressions of interest would be sought next week.
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Muhammad Ali, the government’s adviser on
privatization, said last week that all concerns raised during the previous
failed bid had now been addressed.
Source:
Arab News