PIA Bidding: Arif Habib emerges front-runner in with Rs115 Billion Bid

ISLAMABAD: Arif Habib Consortium has placed the highest bid of Rs 115 billion for the privatization of the national airline PIA.

The PIA bidding process is underway in a phased manner.

Advisor to the Privatization Commission Muhammad Ali says that the privatization of the national airline is part of the reform agenda; the government’s aim is not to sell the national airline but to put it on its feet.

The privatization of the national airline will bring investment to the country.

According to the Advisor to the Privatization Commission, the government wants the national airline to be as good as it was in the past.

75 percent of the shares of the national airline will be auctioned today. 92.5 percent of the money raised from the auction will be spent on the improvement of the national airline.

He added that two-thirds of the payment can be made initially, and one-third of the payment can be made later. We have also allowed the bidders to add two parties after the auction.

In the first phase of the bidding, Lucky Cement has bid Rs 101.5 billion while Airblue has bid Rs 26.5 billion.

Arif Habib Consortium Group has bid the highest bid of Rs 115 billion.