Pakistan International Airline (PIA) received a single bid of $36 million from Blue World City for a 60% stake, far below the government's minimum expectation of $306 million. The real estate group plans to revive the airline by leasing aircraft and seeking financial backing from Chinese and Turkish investors. Despite the bid, shares of PIA initially rose but ultimately fell by 5% by the end of the trading session.
Pakistan's attempt to privatize its national airline has attracted only one bid, as five other consortiums opted out of the process. The interested party has submitted the required "earnest money" to the Privatisation Commission by the deadline, although their identity remains undisclosed.
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