Islamabad (Pakistan News online) The Privatization Board has rejected Blue World City’s bid to purchase Pakistan International Airlines (PIA), effectively ending the privatization process for PIA. Blue World City had placed a bid of 10 billion rupees, while the Privatization Commission had set a reserve price of 85.3 billion rupees for PIA.
Urdu News reported citing Reuters that the Ministry of Privatization received a bid of 10.8 billion rupees from the real estate development company Blue World City. The consortium, led by Blue World City, submitted the bid for the purchase of a 60% share in the national airline.
The bidding ceremony was held at a local hotel in federal capital, Islamabad. the live bidding ceremony for PIA’s privatization attended by the Ministry of Privatization, the Privatization Board, PIA, and the bidders. The consortium, led by Blue World City, submitted the sealed bid documents, including members like Blue World Aviation and IRIS Communication Ltd.
Before the bidding, the Privatization Commission Board and the Cabinet Committee on Privatization had approved the reserve price for PIA. If the bid met the reserve price, it would be considered successful; otherwise, it would be deemed unsuccessful.
Sources indicated that negotiations or further consultations between the government and the bidders could take place following the bidding process.
In a statement to Samaa TV, CEO of Blue World Aviation, Maysam Raza, shared that the consortium had submitted a bid to acquire 60% of PIA’s shares and expressed readiness for new investments to successfully operate PIA.