ISLAMABAD: The long-anticipated privatization of Pakistan International Airlines (PIA) is set to conclude today (Thursday) with the final bidding, despite only one bidder remaining after five of the six pre-qualified bidders failed to submit the necessary earnest money.
PIA, a public limited company and the national flag carrier, remains largely government-owned, with around 96% of its issued capital held by the government.
The Privatization Commission initially pre-qualified six bidders: Fly Jinnah, a consortium led by YB Holdings (Pvt) Ltd, Airblue Ltd, a consortium led by Pak Ethanol (Pvt) Ltd, Arif Habib Corporation Ltd, and Blue World City.
Following a detailed review, the commission’s board shortlisted these companies based on technical, financial, and documentary requirements, inviting them to proceed with the buy-side due diligence stage.
The successful bidder will have the opportunity to acquire between 51% and 100% of PIA’s share capital, along with management control.
