The Arif Habib Consortium today emerged victorious in the high-stakes auction for Pakistan International Airlines, securing a 75 percent controlling share in the national carrier with a final offer of 135 billion rupees.
According to official information, the conclusion of the open auction round saw the Lucky Cement Consortium finish as the runner-up, having presented a substantial bid of 134 billion rupees.
Initially, three prospective buyers, namely the Lucky Cement Consortium, Airblue, and the Arif Habib group, had submitted their proposals in the first round of the process.
The offers from both the Arif Habib and Lucky Cement consortia significantly exceeded the government”s reference price, which was established at 100 billion rupees.
To guarantee impartiality, the entire privatisation process, including the opening of sealed bids in front of bidder representatives, was broadcast live on television.