Gerry's Group, Arif Habib Among Bidders for Pakistan Airline.

Arif Habib and Gerry's Group are among the ten bidders seeking to purchase a majority stake in Pakistan International Airlines (PIA), according to messages sent to Bloomberg. The privatization of PIA is part of the government's economic reform efforts in exchange for a bailout from the International Monetary Fund. The sale has become more attractive after the government announced that it would not transfer three-quarters of the carrier's debt to the buyer. The deadline for submitting letters of intent has been extended until May 18 to allow for due diligence and coordination with international companies. [Extracted from the article]