5 bidders join race to buy PIA in revived privatisation push

ISLAMABAD: Pakistan’s second attempt to privatise its loss-making national carrier, Pakistan International Airlines Corporation Limited (PIACL), drew interest from eight potential buyers, with five parties submitting their Statements of Qualification (SOQs) by Thursday’s deadline, the Privatization Commission said.

The government had invited Expressions of Interest (EOIs) for the sale of 51 to 100 percent shares of PIACL along with management control. The latest push for privatization comes amid ongoing fiscal pressure and efforts to reform state-owned enterprises.

Among the five parties that submitted SOQs are a consortium led by Lucky Cement Limited, comprising Hub Power Holdings, Kohat Cement, and Metro Ventures; another consortium featuring Arif Habib Corporation, Fatima Fertilizer, The City School, and Lake City Holdings; Airblue Limited; Fauji Fertilizer Company Limited and a group involving Augment Securities, Serene Air, Bahria Foundation, Mega C&S Holding, and Equitas Capital LLC.

While eight groups initially expressed interest in acquiring the national airline, three — including the AKD Group, Habib Rafiq Engineering, and Sardar Ashraf D Baluch Private Limited — did not submit qualification documents by the final date.

The Privatization Commission will now review the SOQs based on predefined eligibility criteria. Shortlisted bidders will be granted access to a virtual data room for due diligence ahead of the bidding phase.