LAHORE – Four powerhouse bidders Lucky Cement, Hub Power, Kohat Cement, Metro Ventures, Fauji Fertilizer, and private airline Airblue, get approval for control of loss making Pakistan International Airlines (PIA).
Federal government approved four potential bidders, including prominent business groups and private sector players, to proceed in the privatisation process of PIA, marking major step in the country’s economic reform agenda.
As part of its $7 billion agreement with International Monetary Fund (IMF), the South Asian nation is aiming to offload 51–100% stake in struggling national carrier in what is said to be first major privatisation effort in nearly two decades.
Among the shortlisted bidders is consortium comprising Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures. Other approved entities include Fauji Fertilizer Company and Airblue, a privately-owned Pakistani airline.
Privatisation Minister confirmed that pre-qualified parties will now enter the due diligence phase, and review process is expected to span two to two-and-a-half months, with final bidding and negotiations scheduled for the fourth quarter of 2025.
In a parallel development, Cabinet Committee approved transaction structure for the Roosevelt Hotel in New York—an asset owned by PIA Investments. The government is exploring both outright sale and long-term lease options. Minister Ali previously stated that the Roosevelt Hotel deal could yield over $100 million in initial proceeds within this year.
