PIA privatization likely to enter final phase next month

The privatization of Pakistan International Airlines (PIA) is expected to reach its final stage early next month,  ARY News reported, citing sources.

Sources revealed that Arif Habib Limited, Fauji Fertilizer Company, Airblue, and Lucky Group are among the four contenders interested in acquiring a stake in the national carrier.

The interested firms have reportedly requested the government to ease certain conditions related to the privatization process. However, officials clarified that the PIA brand name will remain unchanged, and the national flag on its aircraft will not be removed.

According to sources, ownership of PIA will remain with Pakistani nationals, and foreign individuals or entities will not be allowed to participate as majority shareholders in the bidding process.

Earlier, the Privatization Commission Board had pre-qualified four investors for PIA’s privatization.

Read more: PIA to launch direct flights to Muscat from Islamabad, Lahore

The Cabinet Committee on Privatization had also approved the transaction structure for the Roosevelt Hotel, marking a significant step forward in the government’s privatization agenda.

A statement from the Ministry of Privatization said the recent meetings of the Privatization Commission Board, chaired by Adviser to the Prime Minister on Privatization and Chairman Privatization Commission Muhammad Ali, underscored continued progress in key strategic transactions.