A Senate panel was informed on Monday that four of the five firms which submitted Statements of Qualification (SOQs) for the privatization of Pakistan International Airlines (PIA) have been declared eligible.
The Secretary for Privatisation told the Senate Standing Committee that site visits and conferences are currently in progress. Once these are completed, the bidding process will begin, with a buyer expected to be finalized by November 2025.
According to officials, the shortlisted bidders include two consortiums and two individual entities. The first consortium is led by Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures. The second is headed by Arif Habib Corporation, along with Fatima Fertilizer, City School and Lake City Holdings. The other two bidders are Fauji Fertilizer Company and Airblue (Private) Limited.
The privatization process is part of Pakistan’s broader economic reform plan under its $7 billion International Monetary Fund (IMF) bailout. PIA, which has long been considered one of the country’s most loss-making enterprises, recently posted its first operating profit in over two decades after restructuring its debts.
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The airline’s valuation has also improved following the restoration of flights to Europe and the United Kingdom, with London lifting a five-year ban on PIA operations last month.
Government officials said due diligence will be completed in the coming weeks before the final bidding phase later this year.
