Eight groups express interest in PIA amid privatisation drive

ISLAMABAD: Eight companies have submitted their bids as the deadline for expressions of interest for the privatisation of Pakistan International Airlines (PIA) has expired, ARY News reported.

According to the details, the last date for submitting bids was May 17, 4 pm. A statement issued here said that a total of eight companies submitted their bids for expressions of interest for the privatisation of the national airline.

The sources privy to the development said that the pre-qualification process for the bidders will begin soon.

In the pre-qualification process, the shortlisted companies will be provided with further details about PIA.

The sources said that the pre-qualification process is expected to be completed by the last week of May. It is noteworthy that the advertisements for the privatisation of PIA were published on April 2 and 3.

The sources privy to the development said that the Privatisation Commission received bids from Shineji Company of China, Fly Jinnah, Airblue Limited, Jiri International Pvt Ltd, Younis Brothers Holdings Consortium, Pak Ethanol Consortium, and Blue World City Consortium.

The pre-qualified groups will be invited for the next stage of the bidding process, the statement read.

Earlier on May 6, the Securities and Exchange Commission of Pakistan (SECP) has approved the restructuring of Pakistan International Airlines Corporation Limited (PIACL).

According to a press release issued by the Privatization Commission on Sunday the legal segregation of PIACL, one of the most complex restructuring exercise undertaken, has attained finality, with the SECP giving its approval of the Scheme of Arrangement on May 3 for the transfer of non-core assets and liabilities of PIACL to PIA Holding Company Limited.

This order marks a significant milestone in the collaborative efforts of the Privatisation Commission , Finance Division, Aviation Ministry and PIA to restructure the airline.

The scheme has been made effective from April 30, 2024 the press release added.