Islamabad [Pakistan], October 30 : The final bidding process for the privatization of Pakistan International Airlines (PIA) will take place in Islamabad on Thursday, October 31, ARY News reported, citing sources from the aviation department.
Of the six potential bidders, only the Blue World City consortium has submitted an advance payment, as confirmed by the Privatization Commission. Preparations for the bidding process have been finalised at a private hotel in the city, as reported by ARY News.
The bid submission and opening for the purchase of PIA will take place on Thursday. Sources said that the privatization process will adhere strictly to regulatory frameworks and guidelines and will ensure full compliance with legal requirements, ARY News reported.
Earlier, on October 3, potential buyers introduced new conditions, particularly regarding the airline's employees. During a Senate Privatisation Committee meeting chaired by Senator Talal Chaudhry, it was revealed that companies interested in acquiring PIA are requesting significant changes, ARY News reported.
Among the key demands is the immediate dismissal of all employees, along with the acquisition of 76 percent of PIA's shares, with the government bearing responsibility for settling outstanding tax liabilities.
The bidders also requested an extension to the due diligence deadline, indicating potential delays in the privatisation process, ARY News reported.
The Privatisation Commission has attempted to negotiate terms that would safeguard employees from layoffs for at least two to three years. However, the bidders have reportedly refused to make any such commitments, expressing unwillingness to retain employees or assume pension liabilities.
Despite four pre-bid meetings, uncertainty remains over tax issues and the future of PIA's workforce. The privatisation process, now rescheduled for October 31, has faced criticism due to the absence of a clear plan to protect employees, ARY News reported.
Chairman Talal Chaudhry expressed concern about the impact of delays on PIA's reputation, while the Privatisation Commission acknowledged that negotiations with bidders are ongoing. The outcome could result in the sale of up to 76 percent of PIA's shares, depending on the final agreements reached, ARY News reported.