PIA sale stalls as lone bid ‘too low to consider’

ISLAMABAD: The much-anticipated privatisation of Pakistan International Airlines (PIA) stalled on Thursday as the sole bid was around Rs75 billion lower than the government’s expectations.

The Blue World City consortium submitted its bid of Rs10 billion against the minimum price of Rs85.03bn, fixed by the Privatisation Commission.

The government had pre-qualified six groups in June, but only the real estate development company participated in the final bidding process.

Due...