The federal government said on Tuesday that it had approved four parties, including groups of companies and a private education operator, to potentially tender for participation in the Pakistani International Airlines.
The government has sought to sell a participation of 51 to 100% in the national airline in difficulty to collect funds and reform companies belonging to the discharge in cash, as planned as part of an international monetary fund program of $ 7 billion.
It would be the country’s first major privatization in almost two decades.
Among the tendering groups, one is a consortium of large industrial companies Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures.
Learn more: Five offers received for the PIA sale
Another is directed by the investment company Arif Habib Corp and includes the producer of fertilizer Fatima Englilizer, the private education operator of the City School and the real estate company Lake City Holdings.
In addition, Fauji Garilizer Company, a subsidiary of the Fauji Foundation – one of the largest conglomerates in the country – and airblue from the Pakistani airline was approved to bid for PIA.
“The pre-qualified parties will now carry out the reasonable diligence phase of the purchase,” said Minister of Privatization Muhammad Ali in a press release.
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The examination process is expected to last two to two and a half months, with auction and final negotiations scheduled for the fourth quarter of 2025, Ali said in Reuters.
The Ministry of Privatization also declared that the Cabinet Committee on privatization had approved the structure of transactions of the Roosevelt hotel located in New York, including options for pure and simple sale and long -term lease.
From the Roosevelt Hotel, the government is expecting more than $ 100 million in the first payment during this year, Ali said in Reuters.
