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Pakistan has taken a major step to sell its state-owned airline, Pakistan International Airlines (PIA), one more time on December 23, according to state media.
The long-struggling carrier is being privatised under the country’s $7.0 billion International Monetary Fund (IMF) bailout plan, which pushes the government to reform or exit loss-making public firms.
This will be Pakistan’s first major privatisation deal in nearly 20 years if the sale goes through. The airline, founded in 1946 and based at Karachi’s Jinnah International Airport, once enjoyed a strong international image but has been battling losses, debt and operational troubles for years.
A previous attempt to sell the airline last year collapsed after the government failed to attract acceptable bids, reports The Economic Times.
According to the DAWN report, the government has been seeking to sell a 51-100 per cent stake in the struggling national airline.
On Wednesday, Prime Minister Shehbaz Sharif said that bidding for Pakistan International Airlines (PIA) would be held on December 23 with a live media broadcast.
A previous attempt to sell the airline failed as a $36 million bid from real estate firm Blue World City fell short of the $305 million floor price, with concerns over debt, staffing and limited control.