ISLAMABAD ( WNAM REPORT): The federal government said on Tuesday it had approved four parties, including business groups and a private education operator, to potentially bid for a stake in debt-ridden Pakistan International Airlines.
The government has been seeking to sell a 51-100% stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.
It would be the country’s first major privatisation in nearly two decades.
Among the bidding groups, one is a consortium of major industrial firms Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures.
Another is led by investment firm Arif Habib Corp, and includes fertiliser producer Fatima Fertilizer, private education operator The City School, and real estate firm Lake City Holdings.
Additionally, Fauji Fertilizer Company, a subsidiary of the Fauji Foundation — one of the country’s largest conglomerates — and Pakistani airline Airblue have been approved to bid for PIA.
