PIA sold in 135Billion rupees to Arif Habib Group

ISLAMABAD: In a recent development, the national airline of Pakistan, Pakistan International Airlines (PIA), has been sold for 135 billion Pakistani rupees.

The airline has been purchased by the Arif Habib Group.

Earlier, the Arif Habib Consortium had placed the highest bid of Rs 115 billion for the privatization of the national airline PIA.

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.