With the privatisation of Pakistan International Airlines Corporation Limited (PIACL), the country’s most high-profile transaction of a state-owned entity, scheduled for today (Tuesday), the government is making all-out efforts to prevent a repeat of what happened the last time the airline went under the hammer. Three parties are currently in the hunt to acquire 75pc shares in the flag carrier — consortiums led by AirBlue, Arif Habib Pvt Ltd, and Lucky Cement, following the exit of the Fauji Fertiliser Company (FFC).
But thanks to a unique stipulation, the two unsuccessful bidders will be excluded from any future role in the airline’s management, according to Privatisation Minister Muhammad Ali. In recent remarks, the minister explained that losing bidders will have no right to join the winning bidder, and only those groups that were not party to the auction would be able to join the new management.