Arif Habib, Gerry’s Group Bid For Majority Stake in PIA

Tycoon Arif Habib and Gerry’s Group have emerged as key contenders among the initial ten bidders for Pakistan International Airlines (PIA), Bloomberg reported on Thursday. Both bidders confirmed their participation and besides them, Privatization Minister Abdul Aleem Khan during a recent briefing said three private-sector airlines have also thrown their hats into the ring. Names of the three private airlines haven’t been disclosed so far. Abdul Aleem Khan said PIA has become more attractive as a result of the federal government’s decision to not transfer the entity’s debt to the potential buyer. The minister added that the Privatization Commission has extended the deadline for the submission of letters of intent until May 18. This extension responds to requests from potential investors who seek additional time to conduct their assessments and liaise with international partners for potential bids. It bears mentioning that authorities aim to pocket $250-300 million from the PIA sale. The process, part of reforms backed by the International Monetary Fund, aims to sign a share price deal by June 24.