Fresh expressions of interest for PIA

The Pakistani government will seek expressions of interest (EoIs) next week for the sale of Pakistan International Airlines, the privatisation ministry said on Thursday, days after it reported its first annual profit in over two decades. Pakistan has been seeking to sell a 51-100 per cent stake in the debt-ridden carrier, to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme. Its failed attempt to privatise Pakistan International Airlines last year received a single offer, well below the asking price of more than $300 million. The privatisation commission board has approved seeking new bids, the ministry said in a statement.