PIA privatization,Arif Habib Consortium buys PIA for Rs 135 billion

Islamabad: Arif Habib Consortium has bought the national airline PIA for Rs 135 billion.
The Arif Habib Consortium bid Rs 135 billion in the third phase of the bidding for the privatization of the national airline and succeeded in buying 75 percent of PIA’s shares.
Lucky Consortium was in second place with a bid of Rs 134 billion. In the second phase, Lucky Consortium placed a new bid of Rs 120.25 billion, while Arif Habib Consortium placed a new bid of Rs 121 billion.
Advisor to the Privatization Commission Muhammad Ali said that the privatization of the national airline is part of the reform agenda, the government’s aim is not to sell the national airline but to put it on its feet, the privatization of the national airline will bring investment to the country.
According to the Privatization Commission, the government wants the national airline to be as good as it was in the past, 92.5 percent of the money raised from the bid will be spent on improving the national airline.
He added that two-thirds of the payment can be made initially and one-third later, we have also allowed the bidders to add two parties after the bid.
Earlier, in the first phase of the bidding, Lucky Consortium had bid Rs 101.5 billion, while Airblue had bid Rs 26.5 billion. Arif Habib Consortium Group had bid the highest bid of Rs 115 billion.