Arif Habib Consortium wins auction of PIA

Islamabad: Arif Habib Consortium has won the auction of the Pakistan International Airlines by offering the highest bid of 135 billion rupees.

The Lucky Cement Consortium offered 134 billion rupees in the open auction round.

In the first round, three bidders, namely the Lucky Cement Consortium, Airblue, and Arif Habib consortium, submitted their bids.  Sealed bids were opened in front of the bidders' representatives and the entire process was broadcast live to ensure transparency.

Arif Habib and Lucky Cement offered the higher bidding than the reference price of 100 billion rupees.

The bidding process for the privatization of 75 percent stakes in the Pakistan International Airlines was broadcast live on the television to ensure transparency.   

Prime Minister Shehbaz Sharif has expressed gratitude over the successful conduct of the bidding process for the privatization of seventy-five percent shares of Pakistan International Airlines and extended congratulations to the nation.

The Prime Minister thanked Almighty Allah and said that the bidding process was carried out in a highly transparent manner.

He said that upon assuming office, he had pledged to take concrete steps toward the privatization of state-owned enterprises, and the privatization of PIA marks a major milestone in fulfilling that commitment.

Shehbaz Sharif stated that the privatization of PIA, along with other state-owned enterprises, will play a vital role in further strengthening the national economy.

He said that investor confidence in the country’s economy has been restored, and the privatization of PIA is an evidence in this regard.

The Prime Minister added that the national economy is moving towards greater stability with the cooperation of all state institutions.

He appreciated the efforts of Deputy Prime Minister and Foreign Minister Ishaq Dar, Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir, Defence Minister Khawaja Asif, Adviser on Privatization Muhammad Ali, the Privatization Commission, and other concerned individuals.

Shehbaz Sharif reaffirmed the government’s commitment to national development, prosperity, and public welfare through partnership with the private sector.