Pakistan International Airlines. (file photo)
Digital Desk, New Delhi. Pakistan International Airlines (PIA) has suffered a major setback in its privatization process as Fauji Fertilizer Company Limited has formally withdrawn its name just before the deadline for submission of sealed bids.
According to Geo News, Privatization Commission officials said that Fauji Fertilizer did not deposit the required amount on Saturday and has informed the commission about its decision to withdraw its name. Now three bidders are left in the race and will submit sealed bids by December 23.
Now which bidders are left?
The remaining bidders include Airblue (Pvt) Ltd; A consortium led by Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures and another consortium led by Arif Habib Corporation, which also includes Fatima Fertilizer, City Schools, Lake City Holdings and AKD Group Holdings.
Officials said Fauji Fertilizer's withdrawal gives it the flexibility to join a successful consortium later, an option that would not have been available had it formally submitted a bid.
According to Geo News report, under the privatization plan, bids are being invited for 75 percent stake in PIA and the winning bidder will be given an option of 90 days to buy the remaining 25 percent shares held by the government.
Officials said that this airline operates flights to 78 destinations and has about 170 international landing slots. It urgently needs fresh investment and professional management to restart its operations.
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