Afghanistan, Dec. 24 -- Pakistan has sold its loss-making national airline, Pakistan International Airlines, to the Arif Habib consortium for Rs 135 billion, ending years of bailouts and failed privatisation efforts.
Pakistan's government has sold debt-ridden Pakistan International Airlines to the Arif Habib investment consortium for Rs 135 billion after years of losses, bailouts and failed privatisation.
The sale followed aggressive bidding in Islamabad, ending a long effort to offload the struggling national carrier after an earlier privatisation attempt collapsed due to weak investor interest.
On December 23, the Arif Habib consortium outbid rivals Lucky Cement and private airline Airblue, securing the highest offer during a competiti...