Asim Munir-Backed Firm Exits PIA Privatization Race; Only 3 Bidders Remain

• Fauji Fertiliser Company Ltd, backed by army chief Asim Munir, withdrew from the Pakistan International Airlines (PIA) privatization bid.
• Only three bidders now remain for the struggling national carrier, with the auction set for December 23.
• The privatization is part of Pakistan's $7 billion IMF bailout plan for the loss-making airline.
• The winning bidder will acquire a 75% stake in PIA, with the government initially retaining 25%.
• Pakistan has struggled to sell PIA due to its debt, operational issues, and low aviation sector contribution to GDP.

Why It Matters: PIA privatization faces setback as key bidder exits, leaving only three contenders.