Govt seeks fresh bids for PIA sell-off by June 3
Business
The privatisation board finalised its recommendations
KARACHI (Dunya News) - The government on Thursday invited expressions of interest from potential bidders by June 3 to sell its stake in the Pakistan International Airlines (PIA), in line with the International Monetary Fund’s requirement to privatise loss-making state-owned enterprises (SOEs), according to a notice on the privatisation ministry’s website.
The fresh bids have been called a week after the Privatization Commission Board on April 17 last approved pre-qualification criteria for selecting prospective buyers for the divestment of the government’s 51 to 100 percent shares in the Pakistan International Airlines Corporation Ltd. (PIACL).
“In the last financial year (FY24), PIA served approximately 4 million passengers across 30 destinations, carrying out 268 flights per week,” the ministry said in the notice aimed at attracting investors.
This marks Pakistan’s second attempt to raise funds through the privatization of the national carrier, which earlier this month reported its first operational profit of $33.48 million in over two decades.
The privatisation board last week finalised its recommendations on the transaction structure, which will be presented to the Cabinet Committee on Privatization for approval.
The ministry added that demand in Pakistan’s under-served aviation market is expected to grow at a compound annual growth rate of around 6.2 percent over the next four years through FY29.
