The federal government has outlined the minimum financial requirements for prospective bidders hoping to acquire stakes in the Pakistan International Airlines.

The Board of Privatisation Commission met under Abdul Aleem Khan met to decide the minimum requirements and also approved the formation of a pre-qualification committee.

The government is looking to complete the privatisation of the national flag carrier by June this year.

The federal government owns 96% of PIA’s shares and is looking to offload as much as 51% of them.

The Board has set the mimimum net worth of a prospective bidder at Rs30 billion ($100 million).

In case of a consortium, they must prove a networth of Rs200 billion ($700 million) and the led bidder must have a net worth of Rs8 billion ($25 million).

The Commission has also decided that foreign airlines willnot be able to buy stakes in the PIA. Foreign investors are allowed to bid but only in partnership with Pakistani nationals.