The bidding process for the privatisation of the Pakistan International Airlines (PIA) was conducted on Thursday with transparency being a priority as the event was broadcast live on television channels.
The Blue World Consortium submitted a bid of Rs10billion. The government had set a minimum sale price of Rs85.3billion for 60 per cent of the PIA's shares.
Despite receiving an additional 30 minutes for review, the Blue World Consortium opted to maintain its bid. However, this offer was not accepted.
According to officials from the Privatisation Commission, the bidding results and the reserve price will be reported to the Privatisation Commission Board and the cabinet committee on privatization for further consideration.
