Pakistan National Carrier Sale Uncertain After Low Offer
- Five other shortlisted groups decide against bidding for PIA
- Airline’s shares fell sharply at the end of trading session
Photographer: Prashanth Vishwanathan/Bloomberg
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Pakistan’s sale of national flag carrier Pakistan International Airlines Corp. has become uncertain after the maiden bid was below the minimum price of about $306 million.
Blue World City submitted a bid 8.5 times lower than the government’s expected price of 85 billion rupees, according to details provided by the Privatisation Commission in Islamabad. The government is going to review the outcome of the process, said the commission’s Secretary Usman Bajwa. Blue World, one of the six bidders shortlisted by Pakistan authorities, was the sole group to put in a final bid.