The government has extended the deadline for potential investors to submit Expressions of Interest (EoIs) for the privatisation of Pakistan International Airlines Corporation Limited (PIACL) until June 19, 2025. The original cut-off date was June 3. All previously announced terms and conditions will remain unchanged.
According to an official notice, interested parties now have until 4:00pm on Thursday, June 19, to file their EoIs and Statements of Qualification for acquiring a stake in the national airline.
PIACL, the country’s flag carrier, is a publicly listed company. The government, through the PIA Holding Company Limited, currently holds about 96 per cent of its issued capital. PIA operates as a full-service airline, with support from several associated business segments. In the last fiscal year, it transported nearly four million passengers across 30 destinations, operating around 268 flights each week.
The move to sell a 51 to 100 per cent stake in the loss-making airline is part of the broader plan to reform struggling state-owned enterprises. This effort is in line with commitments made under the $7 billion loan programme agreed with the International Monetary Fund (IMF).
Last year, the government’s attempt to privatise PIA fell through when it received only one bid, which was significantly below expectations. The Blue World City consortium had offered Rs10 billion for a 60 per cent stake, far less than the Privatisation Commission’s minimum price tag of Rs85.03 billion. The consortium declined to raise its offer, leading to the collapse of the process.
With the new deadline in place, authorities are once again hoping to attract serious investors to take over the heavily indebted airline.
