ISLAMABAD - The Cabinet Committee on Privatisation (CCOP) on Friday rejected the Rs 10 billion bid submitted by Blue World for divestment of Pakistan International Airlines Corporation Limited (PIACL) (60 per cent shares). The government’s privatisation plan had faced blowback on October 31 this year as the Pakistan International Airline (PIA) attracted only Rs10 billion from the sole bidder for a stake in the national carrier against the minimum expected price of Rs85 billion. In a recent development, the meeting of the Cabinet Committee on Privatisation (CCOP) was held on Friday with the Deputy Prime Minister/ Foreign Minister in the chair. The CCOP considered the proposal of PC Board whereby it had recommended rejection of the bid of PKR 10 billion submitted by Blue World for divestment of PIACL. The CCOP decided to accept the recommendation of PC Board and rejected the bid.
The CCOP reiterated the resolve of the government to divest PIACL through privatisation or G2G mode.
The CCOP noted with satisfaction the assessment of the Aviation Division on healthy PIACL’s finances.
The CCOP also constituted a committee under the convenorship of Minister of State for Finance to evaluate possible transaction options for privatisation of Roosevelt Hotel and modes to be adopted in the light of available legal provisions.
The CCOP also directed resolution of all issues and conclusion of agreement for sale of Services International Hotel before its next meeting.
The meeting was also attended by other members of the Committee including the Ministers of Privatization, Industry and Food, Commerce, Power, MOS for Finance & Revenue, and Federal Secretaries of various Divisions.