It was claimed on Thursday, citing sources, that foreign corporations are not interested in acquiring the majority shareholding in Pakistan International Airlines (PIA).
As just two companies from the Gulf countries acquired investment documents by making a $5,000 deposit.
These two companies have not even submitted their bids yet, with May 3rd being the deadline for bids pertaining to the PIA’s privatisation.
The Privatisation Commission sources indicate that there would probably be a one-month extension to the deadline for submitting applications for the PIA stake bidding.
According to reports, the Privatisation Commission and the PIA administration also held a number of roadshows but were not very successful.
Prior to this, Pakistan International Airlines (PIA) asked for an additional thirty days to convene its annual general meeting (AGM).
The national flag carrier has applied to the Securities and Exchange Commission of Pakistan (SECP), stating that the delay was caused by incomplete financial accounts and an audit.
Additionally, the airline sent a statement to the stock exchange explaining the extension’s rationale to shareholders.
According to people with knowledge of the situation, the PIA’s continuing privatisation process is connected to the request for a delay. They add that following the requested delay, the AGM is probably going to happen by May 30.
To read our blog on “Govt. 1st sells the PIA to highest bidder under the IMF deal,” click here