Karachi: Arif Habib Consortium has emerged victorious in the auction for the Pakistan International Airlines (PIA) by placing the highest bid of 135 billion rupees.

According to Radio Pakistan, the auction process included three bidders in the initial round: the Arif Habib Consortium, Lucky Cement Consortium, and Airblue. The sealed bids were publicly opened in front of representatives from the bidding entities, with the entire event broadcast live to ensure a transparent process.

In the tense open auction round, the Lucky Cement Consortium presented a competitive bid of 134 billion rupees, falling just short of the Arif Habib Consortium’s winning offer. Both Arif Habib and Lucky Cement exceeded the reference price, which was set at 100 billion rupees.

The privatization of a 75 percent stake in PIA was a highly anticipated event, with the live broadcast of the bidding process reinforcing the commitment to transparency and fairness in the proceedings.