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.
