A consortium bid 135 billion rupees ($482 million) for a 75% stake in Pakistan International Airlines Corp., a watershed moment in what’s been an attempt to privatize the national carrier since the 1990s.
Businessman Arif Habib’s consortium made the winning bid in a televised auction in Islamabad, topping the government’s minimum price of 100 billion rupees for one of Pakistan’s biggest privatizations. The bidding group also includes Fatima Fertilizer Co., Fauji Fertilizer Co. and AKD Group.