Pakistan govt to auction Pakistan International Airlines on Oct 31, has just one bidder

Pakistan govt to auction Pakistan International Airlines on Oct 31, has just one bidder

1 minute, 6 seconds Read

The Pakistan federalgovernment is all set to sell bulk of stakes in Pakistan International Airlines on October31 There haveactually been, nevertheless, increasing issues over the hold-up in sales, as just bidder hasactually sent prequalification files for the privatisation of the airlinecompanies, mentioned Pakistani media reports.

Earlier, 6 entities had pre-qualified to quote for a 60% stake in PIA, which consistsof anumberof Pakistani budgetplan providers, consistingof Fly Jinnah, AirBlue, Arif Habib Corporation, and 3 consortia led by YB Holdings (Private) Limited, Pak Ethanol, and Blue World City.

However, 5 entities haveactually withdrawn from the PIA sale, leaving just one group, reported The News International, a Pakistani media outlet. The withdrawal of the 5 groups comes after the bidders, who atfirst concurred to a 60 percent stake, pressed for total ownership of PIA, mentioning issues such as the airlinecompany’s monetary liabilities, out-of-date fleet, and functional problems. In action, the federalgovernment increased its deal just to a 76 percent stake, after which it had just one group left as the bidder.

The Pakistan International Airlines hasactually been in the centre of anumberof crises consistingof monetary stress and security issues. In 2023, 7000 workers of the nationwide flag provider did not get their incomes for the month of November.

In August 2024, one Pakistani travel blogwriter takingatrip to Skardu on a PIA flight, shared his experience, calling it “one of the most unsafe flights i

Read More.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *