Pakistan International Airlines Auction: 75% Stake Up for Bids Amidst Financial Woes

Pakistan International Airlines' dire financial situation is no secret. For this reason, it is now being auctioned.

Pakistan's dire economic situation is no secret. The country is currently grappling not only with bankruptcy and a poor economy but also with significant inflation. Pakistan International Airlines (PIA), the nation's largest airline, has not been spared from this tight economic situation. Consequently, the government has decided to auction it off.

Bidding for 75% Stake Today

Bidding for a 75% stake in Pakistan International Airlines will take place today. The auction process will be held in Islamabad, where sealed bids will be opened in the presence of the media. However, only three bidders remain for the auction, as some major firms withdrew at the last minute. The government has permitted full control at the bidders' request. Questions are being raised about the auction's success due to the reduced number of bidders.

Opportunity to Purchase Remaining 25% Stake

The successful bidder for the 75% stake will also be given the opportunity to purchase the remaining 25% stake. They will have 90 days to do so. This will transfer Pakistan's largest airline from government ownership to private ownership.

Objective of Privatisation

Pakistan International Airlines has been operating at a loss for a long time. For this reason, the decision has been made to privatise it through an auction, aiming to revive PIA and ensure its smooth operation without any financial challenges.