PIA privatisation deferred

ISLAMABAD: The privatisation process of state-owned Pakistan International Airlines (PIA) has been delayed as majority of the potential bidders have sought an extension, according to sources.  

The bidding process of PIA privatisation has been delayed due to the release of a new audit report and bidders have requested a new bidding date of October 1, sources said.

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The sources added that potential bidders were concerned over the ban on PIA’s flights to Europe, delay in sharing audited accounts along with the draft of the shareholding agreement. It had earlier been suggested that the government wanted to finalise the deal by August 14.

Six companies/ consortiums including Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium, have been pre-qualified in the process of PIA privatisation.