PIA all set to go under the hammer today

ISLAMABAD:

The government is set to auction 75% shares of PIA on Tuesday in Islamabad, marking a significant step towards the airline's privatisation. The successful bidder will be granted a 90-day window to purchase the remaining 25% of shares.

Sources said the potential new investor is required to commit an investment of Rs80 billion over the next five years. Of the proceeds from the sale of 75% of PIA's shares, 92.5% will be allocated to the airline for reinvestment, while the remaining 7.5% will be transferred to the government.

The Privatisation Commission's board will first approve the reserve price, after which the Cabinet Committee on Privatisation will provide the final approval.