Advertisement
News

PIA Auction Set for October 1, Six Bidders Shortlisted

Advertisement

The Privatisation Commission of Pakistan has announced that the auction for Pakistan International Airlines (PIA) will be held on October 1. This comes after a series of discussions regarding the airline’s privatisation process.

Six bidders have been pre-qualified for the auction, including Fly Jinnah, YB Holdings-led consortium, Air Blue Limited, Pak Ethanol-led consortium, Arif Habib Corporation, and Blue World City. The commission also plans to revise the bidding rules to facilitate the auction process.

Currently, PIA is grappling with a debt of approximately Rs800 billion ($2.9 billion) and has relied on numerous government bailout packages in recent years.

The privatisation, initially slated for August 14, was delayed as bidders requested updated financial details, including information on aircraft lease agreements and the airline’s suspended flights to Europe, which have been grounded since 2020 following a fatal plane crash in Karachi that raised safety concerns.

Officials are also considering the possibility of resuming PIA’s European flights as part of the privatisation efforts.

Advertisement
News Desk

Recent Posts

BYD Reports Record-Breaking Revenue of RMB 777.1 billion in 2024

BYD released its 2024 financial report, with key indicators reaching record highs! The company achieved…

1 week ago

Eid in Dubai: All You Need to Know

Eid in Dubai is a time of joy, celebration, and togetherness, bringing a unique blend…

1 week ago

Bangladesh Deputy High Commission in Karachi Observes its National Day, Promotes Bilateral Ties

Bangladesh and Pakistan have been working for wider and stronger bilateral ties between the countries.…

1 week ago

Bank Alfalah introduces Pakistan’s First E-Commerce Shopping Platform AlfaMall on WhatsApp

Bank Alfalah, one of Pakistan’s leading commercial banks, has introduced AlfaMall on WhatsApp, bringing a…

1 week ago

K-Electric Reports Strong Industrial Uptake of Winter Demand Initiative

K-Electric (KE) has witnessed a positive industrial response to the Prime Minister’s Winter Demand Initiative,…

1 week ago

Karachi: Couple Killed in Tragic Hit-and-Run on Karsaz Road

Karachi witnessed yet another devastating road accident as a speeding car struck a motorcycle on…

1 week ago