Potential Buyers Revealed as PIA Sale Deadline Approaches
Eight entities have submitted expressions of interest (EOIs) to acquire Pakistan International Airlines (PIA) ahead of the June 19 deadline, according to government sources cited by Reuters. Of these, five have provided the required documentation to support their qualifications.
One consortium includes Lucky Cement Ltd, Hub Power Holdings Ltd, Kohat Cement Co Ltd, and Metro Ventures. Another, led by Arif Habib Corp Ltd, includes Fatima Fertilizer Co Ltd, Lake City Holdings, and The City School. A third consortium involves Bahria Foundation, Serene Air, and Equitas Capital LLC.
Separately, AirBlue and Fauji Fertilizer Company Ltd also submitted EOIs with the required documentation. Arif Habib Corp and AirBlue were previously involved in the 2024 attempt to privatize PIA, which ended without a successful bidder. Blue World City, the sole bidder from the previous round, is not among the current applicants.
In a unique proposal, union leaders Hidayatullah Khan and Aqeel Siddiqui submitted an EOI on behalf of PIA employees, arguing that staff should have priority rights in the sale. Khan noted their “decades of experience and industry knowledge” as a foundation for their bid.
Other business groups, including the Mian Mansha Group and Tabba Group, have reportedly shown interest but have not confirmed submissions.
The Pakistani government aims to sell between 51% and 100% of PIA as part of its wider privatization plan under a USD7 billion IMF bailout. The Privatisation Commission will now review EOIs, conduct due diligence over the next three months, and expects final bids by year-end.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com