Islamabad (HRNW)- The bidding phase for the privatization of national airline PIA will be completed in Islamabad today. All preparations have been completed by the government to make the second privatization attempt successful.
According to officials, pre-qualified groups will submit their sealed bids from 10:45 am to 11:15 am today, while the sealed bids will be opened in the presence of the media at 3:30 pm today.
According to sources, if the bids submitted exceed the reserve price, then an open auction phase will be held, however, in case of a bid lower than the reserve price, the highest bidder will be given a chance to match the price.
Officials said that the government plans to sell 75 percent of PIA shares, while the successful bidder will be given 90 days to buy the remaining 25 percent shares.
This privatization process is being described as an important part of the government’s strategy to restore PIA’s financial health and improve the organization’s performance.
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