The Pakistan International Airlines (PIA) has been sold for Rs. 135 billion to Arif Habib Consortium.
The process of opening bids for the sale of a 75% stake in Pakistan International Airlines (PIA) began on Tuesday.
The government received three bids for a 75% stake in Pakistan International Airlines Corporation (PIAC), with the highest offer coming from the Arif Habib Consortium at Rs. 115 billion in the first round.
The Lucky Consortium submitted a bid of Rs. 101.5 billion, while Air Blue offered Rs. 26.5 billion.
2nd Round
The second round of the bidding process just concluded for the sale of a 75 percent stake in Pakistan International Airlines Corporation (PIAC).
In the second round of the bidding process, the highest offer came from the Arif Habib Consortium at Rs. 121 billion.
The second-highest bid came from Lucky Consortium, which submitted a bid of Rs. 120.25 billion.
The next round of bidding commenced at 6:30 AM.
Lucky Consortium bid Rs. 128 billion, while Arif Habib Consortium’s revised bid stood at Rs. 129 billion.
Then, Lucky Consortium bid 134 billion, followed by Arif Consortium’s bid of Rs. 135 billion.
The exchange of bids went on until Arif Habib Consortium won the bidding process after the Consortium retired its bidding option.
According to officials, 92.5% of the proceeds from the sale will be reinvested, while the remaining 7.5% will be allocated to the government. Additionally, the winning consortium will have the option to add two more parties to its group after securing the stake in PIAC.
More to Follow.
Meaning they want to lower interest rates
How much of arif Habib acquisition came from their own money and how much was loan money ?
We need those details.
Check with your bank if Arif Habib group borrowed your money.
The first major AND successful privatisation in almost 2 decades!