The federal government said on Tuesday that it had approved four parties, including business groups and a private educational operator, to potentially offer a share in debt -controlled Pakistan International Airlines.
The government has tried to sell a 51-100% share in the fighting national airline to raise funds and reform cash, state-owned companies that intended under an international monetary fund program of $ 7 billion.
It would be the country’s first major privatization in almost two decades.
Among the bidding groups are a consortium of larger industrial companies Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures.
Read more: Five bids received for PIA sales
Another is led by the investment company ARIF HABIB CORP and includes fertilizer producer Fatima fertilizer, private education operator The City School and the real estate company Lake City Holdings.
In addition, the Fauji fertilizer company, a subsidiary of the Fauji Foundation – is one of the country’s largest conglomerates – and Pakistani Airline Airblue approved to offer Pia.
“The pre-qualified parties will now proceed to the Due Diligence phase on the site,” Privatisation Minister Muhammad Ali said in a statement.
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The review process is set to last two to two and a half months, with the final bids and negotiations expected in the fourth quarter of 2025, Ali previously told Reuters.
The Ministry of Privatization also said that the Cabinet Committee for Privatization approved the transaction structure for Roosevelt Hotel located in New York, including opportunities for both direct sales and long -term lease.
From the Roosevelt Hotel, the government expects over $ 100 million as a first payment this year, Ali previously told Reuters.
