Sri Lanka, Dec. 24 -- Pakistan's attempt to sell its national flag carrier Pakistan International Airlines Corp. has received a successful bid, marking a watershed moment for the country that has been attempting to privatize the airline since the 1990s.
Businessman Arif Habib's consortium made the highest bid of 135 billion rupees ($482 million) for a 75% stake in a live auction, according to a televised briefing of the auction in Islamabad. The transaction is higher than the government's minimum price of 100 billion rupees and poised be one of the largest privatization transactions in Pakistan's history.
The airline once a regional powerhouse has been able to stay afloat only because of regular government bailouts. Past attempts to sell ...