Bids invited for PIA privatisation

KARACHI: Bids for privatisation of Pakistan International Airlines (PIA) have been sought from the buyers by May 3, ARY News reported.

According to privatisation ministry officials, the losses and loans of the PIA have been shifted to the withholding company before its privatisation.

The government of Pakistan only wants to privatise the aviation department of the PIA and is interested in selling 51pc shares of the national flag carrier, while 49pc shares’ ownership will remain with the government.

The administrative control of PIA will also remain with the company buying the 51pc shares, the officials said.

Read more: PIA issues tender for selling its spare parts before privatisation

Earlier, sources claimed that as many as three Gulf countries including the United Arab Emirates, Saudi Arabia and Qatar shown interest in buying the cash-strapped Pakistan International Airlines.

Sources privy to the matter said that the companies from the three countries have approached the Pakistan government to negotiate a deal for the Pakistan International Airlines.

Pakistan officials also gave a briefing to the officials of the three Gulf countries regarding the national flag carrier.

According to sources, Pakistan International Airlines would be sold to the highest bidder following the conclusion of the Pakistan International Airlines privatisation plan.