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PIA bidders reject major terms

Islamabad: The potential buyers of Pakistan International Airlines (PIA) refused to make the guaranteed investment of $500 million and also refused to accept targets to increase the aircraft fleet and fly a certain number of domestic and international routes. The majority of potential buyers proposed keeping all proceeds from the sale to reinvest in the airline instead of giving it to the government, according to privatization ministry sources. The bidders want to issue fresh appointment letters only to those employees who will be retained, the sources added. The issue is now being discussed at the highest government level as accepting