Privatization commission board has approved seeking new bids


(Reuters): The government will seek expressions of interest next week for the sale of Pakistan International Airlines, the privatization ministry said on Thursday, days after it reported its first annual profit in over two decades.
Pakistan has been seeking to sell a 51-100% stake in the debt-ridden carrier, to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.
Its failed attempt to privatise Pakistan International Airlines last year received a single offer, well below the asking price of more than $300 million.
The privatisation commission board has approved seeking new bids, the ministry said in a statement.
“The board approved the pre-qualification criteria for selection of prospective bidders,” it said. It added new expressions of interest in buying between 51 and 100% of the airline would be sought next week.
Pakistan has shifted almost all of the national carrier’s legacy debt to government books after issues raised by bidders led to the failure of the last privatisation attempt.
Muhammad Ali, government adviser on privatisation, said last week all the issues raised at the time of last year’s failed attempt had been dealt with.

Tomato prices increase significantly, reasons revealed
- a day ago

Sources: Vols' Vitello favorite to land Giants job
- 8 hours ago

Bollywood veteran actor Asrani passed away at the age of 84
- 32 minutes ago

Sanae Takaichi was elected Japan's first female prime minister
- 28 minutes ago

Gold prices drop in two days
- a day ago

Pokémon Legends: Z-A Rotom Phone review: better camera, higher jumps
- 9 hours ago

Netflix’s Frankenstein jolts the classic tale with del Toro’s signature flair
- 9 hours ago

KP's fight against a changing climate, conditions are worse in the last 15 years
- 2 hours ago

Why world models are the next big thing in AI
- 9 hours ago

UAB, interim Mortensen shock No. 22 Memphis
- 8 hours ago

Spotify says it’s working with labels on ‘responsible’ AI music tools
- 9 hours ago

Bringing justice closer to the people, SC launches new public facilitation portal
- 35 minutes ago