With Pakistan International Airlines (PIA) set for privatization, only one bidder remains in the race, highlighting the challenges of the process.
Pakistan International Airlines (PIA) has entered the bidding stage for its privatization, receiving only one bid. Initially, six bidders were shortlisted by the Privatization Commission, but five later withdrew, leaving Blue World City Consortium as the sole participant.
The government had qualified six contenders, including Airblue Limited, Arif Habib Corporation Limited, Fly Jinnah by Air Arabia, YB Holdings Private, Pak Ethanol Private, and real estate consortium Blue World City, for majority shares in the struggling national airline.
Sources indicate that only Blue World City Consortium submitted the required documents, offering a bid of PKR 10 billion. After a detailed review, the Privatization Commission Board shortlisted the companies based on their technical, financial, and documentary qualifications, moving them to the next phase.
The successful bidder will be eligible to acquire between 51% and 100% of PIA’s shares. The airline, currently 96% government-owned, operates in various sectors, including passenger services, ground handling, flight training, cargo, engineering, and in-flight catering.
Before the bidding, a Cabinet Privatization Committee meeting chaired by Deputy Prime Minister Ishaq Dar approved the sale of a 60% stake in PIA and established the reference price for the privatization.