PIA’s flight to privatization gains momentum with 8 qualified bidders

June 19, 2025 (MLN): The Privatisation Commission has received Expressions of Interest (EOIs) from eight interested parties for the divestment of 51 to 100 percent shareholding, along with management control, of Pakistan International Airlines Corporation Limited (PIACL), as part of the government’s second attempt to privatize the national carrier.

Today marked the final deadline for the submission of Statements of Qualification (SOQs).

The eight parties that submitted EOIs included three standalone firms, AKD Group, Air Blue Limited, and Sardar Muhammad Ashraf D. Baloch (Pvt.) Limited, and five consortia.

These consortia were led by major corporate groups including one comprising Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited and Metro Ventures (Private) Limited; another comprising Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, City Schools (Private) Limited and Lake City Holdings (Private) Limited; a third consortium comprising Augment Securities & Investments (Private) Limited, Serene Air (Private) Limited, Bahria Foundation, Mega C&S Holding, and Equitas Capital LLC; as well as separate interests from Fauji Fertilizer Company Limited and Habib Rafique Engineering (Pvt.) Limited.

Out of the eight interested parties, five submitted their SOQs by today’s deadline.

These included the consortium led by Lucky Cement, Hub Power, Kohat Cement, and Metro Ventures; the consortium led by Arif Habib Corporation, Fatima Fertilizer, City Schools, and Lake City Holdings; Fauji Fertilizer Company Limited; Air Blue Limited; and the consortium comprising Augment Securities & Investments, Serene Air, Bahria Foundation, Mega C&S Holding, and Equitas Capital LLC.

The SOQs will now be evaluated by the Privatisation Commission against pre-defined prequalification criteria.

Qualified parties will be granted access to the virtual data room to conduct buy-side due diligence before proceeding to the next stage of the divestment process.

The renewed interest in PIA underscores investor confidence in the government's privatization agenda and reflects a growing appetite for strategic assets in Pakistan’s aviation sector.

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