Pakistan government has agreed to sell entire stake in PIA – Pakistan International Airlines.
It says 75pc of shares were offered in an auction on 23 December with option for remaining 25pc at premium. A reserve price was set on auction day with hopes to meet target.
Government received 7.5pc of bid in cash and allowed investment of remainder in airline. Steps included settling debts, waiving GST on new aircraft, and releasing pension funds.
Muhammad Ali shared “the state divest itself from the struggling flag carrier for ease of decision-making. Some of the bidders reportedly want the government to sell-up entirely.”
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