Pakistan sells loss-making PIA for Rs135bn

Islamabad: Pakistan on Tuesday successfully organised the privatisation process of the national flag-carrier, selling it at Rs 135 billion to a consortium led by a local investment company.

The ceremony to privatise the Pakistan International Airlines (PIA) was held in Islamabad where

all three pre-qualified parties, including Lucky Cement, private airline Airblue and investment

firm Arif Habib, deposited their sealed bids into a transparent box.

The bids were opened in the second phase of the ceremony, where Arif Habib emerged the highest bidder, offering Rs 115 billion, followed by Lucky

Cement with Rs 105.5 billion and Airblue with Rs 26.5 billion to buy the airline.