Pakistan has sold a majority stake in its national flag carrier, Pakistan International Airlines, to a consortium led by the Arif Habib Group after it submitted the highest bid of about $482 million, officials said Tuesday. The winning bid of 135 billion Pakistani rupees was made for a 75% stake in the airline as part of the government’s long-delayed privatization drive aimed at reducing losses at state-owned enterprises and easing pressure on public finances. The government will retain the remaining 25% stake. The Arif Habib Group is one of Pakistan’s largest business conglomerates, with interests spanning financial services, cement, steel,…
Pakistan sells national carrier PIA in $482m privatization deal
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