ISLAMABAD ( WEB NEWS )
In the second phase of the privatization of the national airline, a successful bidder was declared with a bid of Rs 135 billion, while Lucky Cement offered Rs 134 billion.
As a result, the Arif Habib Group emerged successful in the privatization of PIA, with the airline being sold for Rs 135 billion.
In the first phase, three pre-qualified bidders submitted their bids to purchase the national airline. The bids will be opened at 3:30 pm, and the Privatization Commission Board will determine the reference price in its meeting.
Islamabad ( Web News )
The second phase of the privatization of the national airline, a bidder offering Rs 135 billion was declared successful, while Lucky Cement bid Rs 134 billion. During the bidding process, the Lucky Group increased its bid to Rs 115.5 billion, while the Arif Habib Group offered Rs 116 billion, later raising it to Rs 116.5 billion. The Lucky Group then raised its bid to Rs 116.75 billion, followed by a bid of Rs 120.25 billion from Lucky Cement. However, before the break, the Arif Habib Group further increased its bid to Rs 121 billion.
In the first phase, three pre-qualified bidders submitted bids for the purchase of the national airline. The bids will be opened at 3:30 pm, and the Privatization Commission Board will set the reference price. After the reference price is determined, it will be presented to the Cabinet Committee on Privatization for approval.
Earlier, Privatization Adviser Muhammad Ali, while speaking to journalists after the completion of the first phase of bidding, said that the first phase of bidding for the sale of the national airline had been completed. He added that the matter would now go to the Privatization Commission Board, which would review the reserve price of the national airline. He said that no one knows the reserve price, and once it is approved by the board, it will be sent to the Cabinet Committee.
The adviser further stated that the Cabinet Committee would give final approval regarding the reserve price, adding that this was a major milestone, as no major privatization had taken place in the last 20 years.