The Privatization Commission of Pakistan has shortlisted six parties for the potential acquisition of Pakistan International Airlines (PIA), marking a significant step forward in the national carrier’s divestment process.
This decision follows a thorough review of Statements of Qualifications (SOQs) submitted by eight interested parties. The Privatization Commission Board, chaired by Minister Abdul Aleem Khan, evaluated the SOQs based on technical, financial, and documentary criteria outlined in the Request for Statement of Qualifications (RSOQ).
The Shortlisted Parties:
Following the evaluation, six parties have been pre-qualified to move on to the next stage of the bidding process:
• Fly Jinnah Limited
• Air Blue Limited
• Arif Habib Corporation Limited
• Consortium led by Y.B. Holdings (Private) Limited (including Pioneer Cement Limited and Artistic Milliners Limited)
• Consortium led by Pak Ethanol (including AirSial Limited, Serene Airlines Private Limited, and Liberty Daharki Power Limited)
• Consortium led by Blue World City (including Blue World Aviation and IRIS Communication Limited)
The RSOQ allows for adjustments to the consortium structure. While the lead member remains unchanged, other members can be added or replaced with Privatization Commission approval 15 days before the bid submission deadline.
Next Steps:
These pre-qualified parties will now be invited to participate in the next stage of the bidding process, which involves buy-side due diligence. This will allow them to closely examine PIA’s financial records and operations before submitting their final bids.
The Privatization Commission had previously issued an Invitation of Expression of Interest (EoI) in April 2024, attracting eight interested parties. With six parties now shortlisted, the process of finding a new owner for PIA is progressing steadily.
This divestment process is part of the government’s broader strategy to revitalize PIA and ensure its long-term viability. By attracting strong interest from prominent local companies and consortia, the government aims to leverage their expertise and resources to transform PIA into a more competitive and efficient airline.
As the process moves forward, the shortlisted parties will engage in detailed due diligence, paving the way for final bids and, ultimately, the selection of a new owner for Pakistan International Airlines.
