Daily Times

The Khyber Pakhtunkhwa government expressed interest in participating in the privatisation bid for Pakistan International Airlines (PIA).

According to details, the Khyber Pakhtunkhwa Investment Board wrote to Federal Minister for Privatisation Abdul Aleem Khan, expressing its intention to submit a bid.

The letter was written on directives of Chief Minister Ali Amin Gandapur and read that the PIA is a national asset of immense importance. “The Khyber Pakhtunkhwa government is willing to offer a better deal than the Blue World City,” the letter read. The Privatisation Ministry announced on Thursday that only one bid of Rs 10 billion for a 60% share in the national flag carrier had been received during the final bidding process for the PIA privatisation.

Only the real estate company Blue World City entered the bidding process, submitting an offer that was less than the government-imposed minimum price of Rs 85 billion, despite the government having pre-qualified six companies in June.

As part of a $7 billion International Monetary Fund program, Pakistan wants to sell 51-100% of the debt-ridden PIA in order to raise money and overhaul state-owned businesses.

The bidder was urged to match the minimum bid, according to the Privatization Commission. Saad Nazir, the chairman of Blue World City, nevertheless, maintained its offer. “We wish the government all the best if they don’t want to accept our bid,” he said.

Earlier during a Senate Privatisation Committee meeting chaired by Senator Talal Chaudhry, it was revealed that companies interested in acquiring PIA are requesting significant changes.

Key among the new demands is the immediate dismissal of all the employees, alongside the acquisition of 76 percent of PIA’s shares, with the government responsible for clearing tax payments.