ISLAMABAD – The bidding process for privatization of Pakistan International Airlines (PIA) kickstarted on Thursday at a hotel, with Privatisation Commission confirming that Blue World City, a real estate giant and firm behind Suno TV, was the only group to submit a bid.
Bids were required to be submitted by 1:30 PM, but other shortlisted groups opted out of the process, failing to provide the necessary ‘earnest money.’
The real estate tycoon’s bid is Rs10 billion, as privatization process is expected to adhere strictly to regulatory and legal guidelines, ensuring transparency and compliance.
Earlier, several business groups were shortlisted to bid for shares of national flag carrier, including Airblue Ltd., Arif Habib Corporation Ltd., Air Arabia’s Fly Jinnah, Y.B. Holdings Pvt., and Pak Ethanol Pvt. However, only Blue World City expressed interest in acquiring a stake, as the others decided against it.
More to follow…
