Full PIA sale approved after bidders reject government\'s role in airline\'s affairs

The government has decided to sell its 100% stake in Pakistan International Airlines (PIA), but one-fourth of the shares will only be offered to the winning bidder at a 12% premium on the bid price, with an option to make the payment one year later. The government has also decided to take only 7.5% of the bid money in cash, while the bidder will invest the remaining 92.5% amount in the PIA company instead of depositing it in the exchequer, government officials told The Express Tribune. During the last failed attempt, the bidder had the option to pay 15% of the bid money in cash. The decision to offload a 100% stake has been taken after four bidders sought no role for the government in PIA's affairs once the successful bidding takes place on December 23, according to Privatisation Commission officials.