Latest news with #bidding
Reuters
2 days ago
- Business
- Reuters
Pakistan's PIA sale draws interest from leading firms, army company ahead of deadline
ISLAMABAD, June 18 (Reuters) - Two of Pakistan's leading business groups and a company backed by the powerful military will bid for the country's ailing national carrier, a divestment the government hopes will kickstart the privatisations of state-owned enterprises. The sale of Pakistan International Airlines ( opens new tab will be the first major privatisation for around two decades, with the sale of loss-making state-owned enterprises a condition of last year's $7 billion bailout by the International Monetary Fund. The government tried unsuccessfully to last year offload a stake in PIA, which is a major burden on its budget, but the sale was aborted because of the poor state of the airline and the conditions attached to any purchase. Expressions of interest are due by Thursday for an up to 100% stake in the airline, with industry insiders expecting more bidders to emerge. They say the deal has been sweetened with a tax incentive and bolstered by signs of a turnaround in PIA's fortunes. The Ministry of Privatisation did not respond to a request for comment. Among those planning bids are the Yunus Brothers Group, owners of the Lucky Cement and energy companies; and a consortium led by Arif Habib Limited that includes Fatima Fertiliser, Lake City, and The City School, sources within the companies said. Fauji Fertilizer Company, which is part-owned by the military, said it will be making an expression of interest, in a notice to the Pakistan Stock Exchange. Fertiliser production is a lucrative sector in Pakistan. A group of PIA employees has also come forward to bid. "The employees will use their provident fund and pension, in addition to finding an investor to place a bid. We're doing this to save jobs and turn around the company," said Hidayatullah Khan, president of the airline's Senior Staff Association. The airline was restructured last year, offloading approximately 80% of its legacy debt to the government to make it more attractive to investors. But bidders remain concerned about overstaffing and the ability to fire employees. Last year's sale effort failed when the sole bid of $36 million fell far short of a $305 million floor price. Interested parties walked away before bidding, partly because the government was not willing to give up 100% of the company, with bidders saying they did not want the government to remain involved. Since then, PIA has posted its first operating profit in 21 years, driven by cost-cutting reforms, after making cumulative losses of $2.5 billion. This success of the current process will depend on whether the government is willing to give up a 100% stake, industry insiders said. They added that a government decision this month to remove the requirement of paying sales tax upfront on the lease of new aircraft, which had been an impediment, will make the deal more attractive. PIA resumed flights to Europe in January after the European Union lifted a four-year safety ban. The airline has also approached UK authorities for permission to resume services to London and Manchester. The restoration of international routes is vital to future growth opportunities and successful bidders are likely to bring in foreign airlines as operators.
CNA
2 days ago
- Automotive
- CNA
COE premiums rise across all categories except for motorcycles
SINGAPORE: Certificate of Entitlement (COE) premiums closed mostly higher in the latest bidding exercise on Wednesday (Jun 18), with motorcycles the sole exception. For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$98,124 (US$76,400), up from S$96,999 in the last exercise. Premiums for larger and more powerful cars in Category B rose to S$116,670 from S$113,000. COEs for commercial vehicles, which include goods vehicles and buses, rose to S$65,000 from S$62,000 in the previous bidding exercise. Motorcycle premiums closed at S$8,600, down from S$9,000 in the last exercise. Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, rose to S$116,889 from S$113,900. A total of 4,207 bids were received, with a quota of 3,067 COEs available. The Land Transport Authority in April announced that the COE quota for the May to July period will go up by more than 6 per cent compared to the previous quarter. The total number of COEs will rise to 18,232, up from 17,133 in the last quarter, which already saw an 8 per cent increase.
Bloomberg
4 days ago
- Business
- Bloomberg
Elliott Affiliate Weighs New Bid for Citgo as Legal Risks Ease
An Elliott Investment Management affiliate is considering rejoining the bidding for Citgo Petroleum Corp. 's parent company, according to people familiar with the matter. The affiliate, Amber Energy, had pulled out of the sale last month, leaving three groups of bidders to compete for the asset, including Red Tree Investments LLC, Vitol and a consortium led by Gold Reserve. But since then, other potential buyers, including TPG Angelo Gordon, have entered the contest, lured by easing legal risks related to the sale.
Wall Street Journal
13-06-2025
- Business
- Wall Street Journal
KKR Making Competing Bid for Equipment Maker Spectris
KKR KKR -1.64%decrease; red down pointing triangle is preparing a bid for Spectris, a U.K. maker of high-tech equipment and software, according to people familiar with the matter. The private-equity giant would be bidding against rival Advent International, which submitted a proposal valuing Spectris at £37.63 per share, or about $5 billion, the company confirmed Monday.
Bloomberg
12-06-2025
- Business
- Bloomberg
Leonardo Faces Pressure to Boost Bid for Iveco Defense Unit
A consortium backed by Italy's Leonardo SpA is facing pressure to raise its offer for Iveco Group NV 's defense unit after being outbid by European rivals, people with knowledge of the matter said. Leonardo — the only Italian suitor in the process — made the lowest offer in the first round of bidding, the people said, asking not to be identified because the information is private. As a result, the company is coming under increased political pressure to improve its proposal to ensure the business remains in local hands, according to the people.
