Papua New Guinea's government has deferred plans for a partial privatisation of Air Niugini after concluding that none of the bids received met sale conditions.
The country's Privatisation Commission says "other options" will now be considered for a 49% sell-off, which has been deferred by at least 12-18 months. It says bids received from unspecified parties failed to comply with requirements that included brand protection, the promotion of local culture and the maintaining of rural services.
The troubled carrier is in desperate need of new capital. Australia's Qantas had been seen as the best potential equity partner.
Source: Airline Business