Government Sets October 30 for PIA Privatization Auction

Islamabad: The government has announced the final auction date for the privatization of Pakistan International Airlines (PIA), scheduled for October 30. This decision aims to address the financial challenges of the national carrier by aligning with the national strategy to revitalize crucial economic sectors. The confirmation came during a response to a query in the National Assembly.

According to Zameen.Com, the auction was initially planned for October 1 but was postponed due to various logistical and operational challenges, including legal disputes and the aging of PIA’s fleet. The privatization initiative, which started in February 2024, is managed by the Privatisation Commission’s Board, led by Minister for Privatisation Aleem Khan. Asghar stated that all critical issues have been resolved, allowing the segregation of PIA’s assets to facilitate the auction of its operational components.

The bidding process will see six consortia competing for a 60% stake in the airline, with pre-qualified bidders including notable companies such as Fly Jinnah Ltd, Air Blue Ltd, Arif Habib Corporation Ltd, and consortia led by YB Holdings, Pak Ethanol, and Blue World City.

Furthermore, Minister of State for Finance and Revenue Ali Pervaiz Malik highlighted the government’s broader economic efforts. He mentioned the lifting of import restrictions on raw materials under the International Monetary Fund (IMF) agreement, which aims to boost exports and enhance industrial competitiveness. Malik also emphasized ongoing initiatives to provide businesses with necessary working capital to sustain operations and growth.

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