Pakistan puts national carrier PIA up for sale
Pakistan will once again try to sell state-owned airline, Pakistan International Airlines.
An attempt to sell the airline last year failed due to a lack of acceptable bids.
Local entity Fauji Foundation is one of the four selected bidders aiming to take over PAI.
The company has military ties and operates various non-aviation subsidiaries.
Other preferred bidders are Lucky Cement Consortium, Arif Habib Corporation and Air Blue.
Since the previous attempt to sell the airline, the government has shifted airline debt to the state, offering a more appealing prospect for a potential buyer.
The government has set a date of December 23 for bids.
The government must divert at least 51% of shareholding in order to get IMF bailout funds worth several billion dollars.
It would be Pakistan’s first major privatization in over two decades.
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