Three bids received for PIA privatization

ISLAMABAD: The federal government on Tuesday received three bids for the privatization of Pakistan International Airlines (PIA), officials confirmed.

The Privatisation Commission conducted an open and televised bidding process for the sale of 75 percent shares of Pakistan International Airlines Corporation Limited (PIACL). Sealed bids were submitted by the interested parties during the first phase of the auction.

The bidders include a consortium led by Lucky Cement Limited, comprising Hub Power Holdings Limited, Kohat Cement Company Limited, and investment firm Metro Ventures.

Air Blue (Private) Limited, a domestic private airline, submitted the second bid.

A consortium led by Arif Habib Corporation Limited, which includes Fatima Fertiliser Company Limited, City Schools, and Lake City Holdings Limited.

Adviser to the Prime Minister on Privatisation, Muhammad Ali, said the first phase of the bidding process has been successfully completed.

“The bids will now be submitted to the Privatisation Commission Board, which will review the reserve price,” he said.

He added that the reserve price remains confidential and will be forwarded to the Cabinet Committee for final approval after the board’s review.

“This is a major milestone as no large-scale privatization has taken place in the last 20 years”, Muhammad Ali added.

The privatization of PIA is part of Prime Minister Muhammad Shehbaz Sharif’s economic reform agenda, aimed at restructuring loss-making state-owned enterprises. To ensure transparency, the entire privatization process is being broadcast live on television and streamed across official government social media platforms.

Officials say the privatization aims to revive the national airline and restore it to its former standing.

Last year, the government set a minimum price of $305 million for a 60 percent stake in PIA but received only one bid of $36 million from real estate developer Blue World City. The bidder later declined to increase its offer, citing financial concerns and operational inefficiencies within PIA,