Finalisation of PIA privatisation to be overseen by cabinet committee: Minister

If reports are to be believed, the ministry has chosen to refer the PIA privatisation issue to a cabinet committee.

There should be no more delay in the privatisation of state institutions, including PIA, the minister said.

In October, during the final bidding process for the privatisation of PIA, a single bid of Rs10 billion ($36 million) for a 60% stake in the national flag carrier was received.

In June, the government pre-qualified six companies; however, the bidding procedure was only attended by one, Blue World City, a realty development company, and their bid was lower than the Rs85 billion minimum price established by the government.

Pakistan is seeking to sell a 51-100 percent interest in the indebted Pakistan International Airlines (PIA) in order to generate capital and implement reforms to state-owned businesses, as outlined in a $7 billion program by the International Monetary Fund.

The Privatisation Commission announced that it has requested that the interested party match the lowest bid.