Pakistan draws five potential buyers for national air carrier
The bids were submitted ahead of a June 19 deadline to acquire up to 100 percent of Pakistan International Airlines, which has accumulated over $2.5 billion in losses in roughly a decade.
Still, following a major restructuring, it posted its first operating profit in 21 years in the year through June 2024.
The sale is seen as a test of Pakistan's ability to shed loss-making state firms and meet conditions of a $7 billion International Monetary Fund bailout. It would be the country's first major privatization in nearly two decades.
Eight parties submitted their expressions of interest, but only five of them provided documents of qualification, the ministry said in a statement.
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Pakistan approves $20.8 million flood aid as nearly 400 dead in latest monsoon spell
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Arab News
7 hours ago
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Global monitor reports ‘major disruption' as Internet connectivity plunges to 20% in Pakistan
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Arab News
12 hours ago
- Arab News
Pakistan seeks ‘forward-looking' UK ties, urges greater Commonwealth trade and connectivity
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