It came as a major blow for the Pakistan International Airlines (PIA) in its privatisation process after Fauji Fertiliser Company Ltd formally pulled out from the bidding for a 75 per cent stake in the country’s national carrier, just ahead of the deadline to submit sealed bids. With its exit, three prequalified bidders remain in the race and are set to submit sealed bids by December 23. The bidding process will begin with sealed bids, followed by approval of the reserve price by the Privatisation Commission Board and the Cabinet Committee on Privatisation, after which bids will be opened publicly. Govt guarantees job securityThe government has assured PIA employees of one year of job security, while the holding company will manage pension and post-retirement liabilities. Officials said the airline, which operates flights to 78 destinations and holds around 170 international landing slots, urgently needs fresh investment and professional management to revive its operations.
