Islamabad- Arif Habib Consortium has bought the national airline PIA for 135 billion PKR.
Arif Habib Consortium placed a bid of 135 billion PKR in the third phase of PIA’s privatization and succeeded in acquiring 75% shares of PIA.
Lucky Cement Consortium remained second with a bid of 134 billion PKR.
Earlier, in the first phase of bidding, Lucky Consortium had bid 101.5 billion PKR, while Airblue had bid 26.5 billion PKR. Arif Habib Consortium Group had placed the highest bid of 115 billion PKR.
In the second phase, Lucky Consortium placed a new bid of 120.25 billion PKR, while Arif Habib Consortium placed a new bid of 121 billion PKR.
Privatization Commission Advisor Muhammad Ali said that the privatization of the national airline is part of the reform agenda, and the government’s goal is not to sell the national airline but to make it stand on its feet. The privatization of the national airline will bring investment to the country.
According to the Privatization Commission Advisor, the government wants the national airline to perform better as in the past, and 92.5% of the amount obtained from the bid will be spent on improving the national airline.
He further said that two-thirds of the payment can be made initially and one-third later, and bidders have also been allowed to include two parties with them after the bid.
