Pakistan delays bidding for national airline

Tuesday, 1 October 2024 10:25

By Reuters

The bidding for Pakistan's national airline has been delayed to October 31, two government officials at the Ministry of Privatisation said on Tuesday.

A Pakistani parliamentary committee of privatisation had earlier been informed that Pakistan International Airlines (PIA) would go under the hammer on Tuesday.

The officials, however, said the bidding had been delayed another month at the request of the bidders who wanted more time to prepare for the auction.

They spoke on condition of anonymity because they were not authorised to disclose the information before an official announcement about the delay.

A spokesman for the privatisation ministry did not respond to a request for a comment.

Six parties have been pre-qualified for the bidding, which included Fly Jinnah, Airblue, a consortium led by Pak Ethanol, a consortium led by YB Holdings, Arif Habib Corporation, and Blue World City.

Pakistan's government has previously said it would sell between 51-100 per cent of the loss-making airline as part of reforms urged by the International Monetary Fund (IMF).

More from Business News

US starts collecting Trump's new 10% tariff

U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).
China to impose tariffs of 34% on all US goods

China has announced a slew of additional tariffs and restrictions against US goods as a countermeasure to sweeping tariffs imposed by US President Donald Trump. The Finance Ministry said it would impose additional tariffs of 34 per cent on all US goods from April 10.