Islamabad (TDI): The privatisation process of Pakistan International Airlines Corporation Limited (PIACL) took a major step forward on Tuesday as three pre-qualified groups submitted their sealed bids for the loss-making national carrier.
The bids were submitted by Lucky Cement, private airline Airblue, and investment conglomerate Arif Habib Group during a public ceremony held in Islamabad. Representatives of the bidders deposited their sealed envelopes into a transparent box in full view of the media, with the event broadcast live on state television.
Following the submission, the reference price for the transaction will be reviewed and approved by the Privatisation Commission Board and the Cabinet Committee on Privatisation. The bids are scheduled to be opened later in the day at 3:30pm in the presence of all participating bidders, after which the reference price and bid values will be made public.
Adviser to the Prime Minister on Privatisation, Muhammad Ali, said the government was optimistic about the outcome. Speaking to reporters, he expressed hope that the process would attract meaningful investment and lead to a successful transaction.
Read More: PIA Bidding Set for Dec 23, Says PM Shehbaz
The entire bidding process, including the opening of envelopes, is being televised live and streamed across official government platforms. After the conclusion of the bidding, Muhammad Ali is expected to brief the media on the outcome.
This marks Pakistan’s second attempt to privatise its flag carrier. A previous effort last year failed after only one bid was received, which fell well below the government’s valuation, bringing the process to a halt.
Addressing the federal cabinet earlier, Prime Minister Shehbaz Sharif appreciated the efforts of government officials and the Privatisation Commission, stressing that the process had been designed to ensure complete transparency. He described the sale as potentially the largest privatisation deal in the country’s history.
The prime minister noted that sealed bids, transparent procedures and live coverage were being used to build public trust, adding that the final outcome would be brought back to the cabinet for approval.
Read More: PIA Resumes UK Flights After Five Years
Earlier, Adviser Muhammad Ali revealed that a special clause in the privatisation framework prevents unsuccessful bidders from participating in PIA’s future management. Only parties not involved in the current auction would be allowed to join the winning consortium at a later stage.
This means that while only one of the three bidding groups will acquire a controlling stake and management rights, other entities outside the auction process could still partner with the successful bidder in the future.
