The Pakistani government said yesterday it had approved four parties, including business groups and a military-backed firm, to potentially bid for a stake in debt-ridden Pakistan International Airlines.
Pakistan has been seeking to sell a 51-100 per cent stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.
It would be the country’s first major privatisation in nearly two decades.
Among the bidding groups, one is a consortium of major industrial firms Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures.
Another is led by investment firm Arif Habib Corporation, and includes fertiliser producer Fatima Fertilizer, private education operator The City School, and real estate firm Lake City Holdings.
Additionally, Fauji Fertilizer Company, a military-backed conglomerate, and Pakistani airline Airblue, have been approved to bid for PIA.
“The pre-qualified parties will now proceed to the buy-side due diligence phase,” Pakistan’s Privatisation Minister Muhammad Ali said in a statement.
The review process is set to last two to two-and-a-half months, with final bidding and negotiations anticipated in the fourth quarter of 2025, Ali previously told Reuters.
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