ISLAMABAD: The bidding process for Pakistan International Airlines (PIA), scheduled for October 1, will be broadcast live, announced Farooq Sattar, Chairman of the Privatization Committee, on Tuesday.
The bidding will take place live, with six parties expected to participate.
Sattar said that the government’s role is not to run businesses and that it is essential to protect employees’ rights during the privatisation process, ensuring that there are no cuts to salaries and allowances.
He added that the entire privatisation process for PIA, which began in November 2023, is now complete. Investor preparations for the bidding are in the final stages, and the federal cabinet will provide the final approval for the bidding. The buyer of PIA will need to invest Rs70 billion in the first year and will also have to restore aircraft maintenance and other operations.
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The original goal was to complete the privatisation by August 14. However, the deadline was extended as bidders requested updated financial statements, aircraft lease agreements, and details about the airline’s suspended flights to Europe, which have not operated for nearly four years.