The Cabinet Committee on Privatisation (CCOP) rejected the bid of Rs10 billion submitted by the Blue World City for the divestment of 60% shares of the Pakistan International Airlines, accepting the recommendations of the Privatisation Commission Board.

The CCOP met here under the chair of Deputy Prime Minister and Foreign Minister Senator Ishaq Dar on Thursday which considered the proposal of the PC Board whereby it had recommended rejection of the bid.

The meeting was also attended by other members of the committee including the ministers of privitization, industry, food, commerce, and power, minister of state for finance and revenue, and federal secretaries of various divisions, according to a press release.

The CCOP reiterated the government’s resolve to divest PIACL through privatisation or G2G mode. The body noted with satisfaction the assessment of the aviation division on healthy PIACL’s finances.

The committee also constituted a committee under the convenorship of the minister of state for finance to evaluate possible transaction options for the privatisation of Roosevelt Hotel and modes to be adopted in the light of available legal provisions.

The CCOP also directed the resolution of all issues and the conclusion of agreement for sale of Services International Hotel before its next meeting.