ISLAMABAD: The government has decided to invite bids for the privatization of PIA afresh after the earlier one could not be materialized at the eleventh hour.
Minister for Privatization Abdul Aleem Khan on Monday told the Senate Standing Committee on Privatization that the process for the privatization of the national flag carrier would be started again soon.
The committee at a meeting held in Parliament House discussed the lack of interest in the privatization of the PIA and offer of bids well below the benchmark set by the government.
The government had set the minimum target of Rs85 billion but the lone buyer refused yo increase the bid of Rs10 billion leading to the cancellation of the process by the Privatization Commission.
Aleem Khan told the Senate committee that when he took over as the minister the process for the privatization of PIA had started. He said that PIA had a total of 830 billion liabilities and at the time of privatization it had losses amounting to 45 billion rupees.
The minister said that once a process for privatization is started it cannot be changed. He said after the failed privatization process, the government has now decided to invite bids for the privatization of the PIA afresh.
