PIA privatisation: Shahid Khaqan suggests govt to accept Rs10 billion bid

ISLAMABAD: Head of Awam Pakistan Party (AWP) and former Prime Minister of Pakistan Shahid Khaqan Abbasi said that the government’s expectation of receiving an Rs85 billion bid for PIA privatisation is unrealistic.

Speaking during ARY News programme ‘Sawal Yeh Hai’, Shahid Khaqan suggested that accepting a Rs10 billion offer would be more practical. He criticised the government’s high valuation for PIA privatisation, saying, “The market does not accept Rs85 billion bid for PIA. In my view, even Rs10 billion is a high price for PIA considering its current structure.”

Criticising the current government, Shahid Khaqan remarked, “This government lacks both mandate and performance. Trying to run the country through haphazard laws is a clear admission of failure.”

Commenting on the role of the current opposition, he said that, the current opposition’s role is ‘ineffective’.

“PTI’s main agenda seems to be getting its founder out of jail rather than focusing on the country’s problems. Every speech and statement revolves around launching movements to secure his (Imran Khan) release,” Khaqan stated in dismay.

Shahid Khaqan added that PTI is relying on external pressure, particularly from figures like Donald Trump, hoping it will lead to Imran Khan’s release.

“It is a fantasy to believe that external intervention will pressure Pakistan into releasing the PTI founder.”

Shahid Khaqan said that the government believes its stability is due to PTI’s failures, adding that real strength comes from having a clear mandate and good governance.

Earlier in Oct, the final bidding process for the privatisation of PIA attracted just one bid of Rs10 billion ($36 million) for a 60 per cent (pc) stake in the national flag carrier.

The government had pre-qualified six groups in June, but only real-estate development company Blue World City participated in the bidding process, placing a bid that is below the government-set minimum price of Rs85 billion.

Pakistan is looking to offload a 51-100pc stake in debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.

The Privatisation Commission said it had asked the bidder to match the minimum bid.