Bloomberg reported on Tuesday that the government has only received one bid for the privatization of Pakistan International Airlines (PIA).
Six consortiums were eligible to submit bids for the failing company. Five of them, on the other hand, stayed out of the process.
Spokesman for the Privatization Ministry, Ahsan Ishaq, told Bloomberg that the sole bidder had submitted their “earnest money” for the transaction to the Privatisation Commission by Tuesday’s deadline. He did not reveal the name of the interested party.
Buyers put down earnest money to show that they mean business and are serious about making the purchase.
Airblue Ltd., Arif Habib Corporation Ltd., Air Arabia’s Fly Jinnah, Y.B. Holdings Pvt., and Pak Ethanol Pvt. had previously been selected by the government. and real estate group Blue World City to submit a bid for the national airline’s majority stake.
