Pakistan government's attempt to privatise Pakistan International Airlines (PIA) hit a snag as the only bidder, Blue World City, offered PKR 10 billion for a 60 per cent stake--far below the minimum sale price of PKR 85 billion. The bidding process saw no competition after five other parties
The decision which hit airline shares and was witnessed as curbing foreign currency outflows, was one of two measures announced by the Banking Regulation and Supervision Agency (BDDK) on Monday.