Pakistan will invite expressions of interest (EOIs) next week for the sale of a majority stake in Pakistan International Airlines (PIA), the Privatisation Commission announced on Thursday, just days after the airline reported its first annual profit in 21 years.
The government is looking to offload between 51 and 100 per cent of its shares in the loss-making national carrier as part of a broader push to reform state-owned enterprises and meet conditions under the country’s $7 billion programme with the International Monetary Fund (IMF).
The Privatisation Commission board has approved the criteria for pre-qualifying potential bidders. “The board approved the pre-qualification criteria for selection of prospective bidders,” the ministry said in a statement, confirming that new EOIs would be invited next week.
This marks a renewed attempt to privatise PIA after a previous bid failed last year. The earlier effort drew only one offer, reportedly below the government’s asking price of over $300 million. Officials said concerns raised by potential buyers at the time have since been addressed.
As part of the restructuring, the government has taken on most of PIA’s longstanding debt, which had been a key stumbling block for investors in the past.
Adviser to the Prime Minister on Privatisation, Muhammad Ali, said last week that all issues flagged during the previous attempt had now been resolved.
The fresh push comes after the airline posted a net profit of Rs26.2 billion in 2024 – its first since 2003. According to a PIA statement, the airline also recorded an operational profit of Rs9.3 billion during the same period. The turnaround follows two decades of persistent losses.
