Pakistan authorities’s try to privatise the loss-making firm Pakistan Worldwide Airways (PIA) on Thursday obtained just one bidder which proposed PKR 10 billion for 60% stake in opposition to the federal government’s minimal sale worth of PKR 85.03 billion, the Categorical Tribune reported.
“We’ve got thought-about the federal government worth and determined to face with our greatest worth of PKR 10 billion,” mentioned Saad Nazir, who owns the bidder firm Blue World Metropolis.
The true property developer was the one one to submit a bid after 5 different pre-qualified contenders backed out, citing the federal government’s stringent necessities regarding tax liabilities, assured investments, and worker retention.
Expressing disappointment over the dearth of competitors, Seham Raza, COO of Blue World Metropolis mentioned, “I needed there would have been wholesome competitors and really feel unhappy that each one different bidders have pulled out.”
Whereas the federal government initially provided stakes starting from 51% to 100%, it in the end opted to promote a 60% share. Moreover, it turned down bidders’ requests for diminished duties and tax waivers, requiring the customer to take a position between $500 million and $700 million to make sure PIA’s operational sustainability, in line with the Categorical Tribune.
