PIA Attracts Interest from Multiple Parties for Potential Acquisition

Several entities, including Airblue Ltd. and Gerry’s Group, have expressed interest in acquiring Pakistan International Airlines (PIA), the country’s flag carrier, according to recent reports.

Airblue’s Managing Director, Aslam Chaudhary, and Gerry’s Group’s Managing Director, Akram Wali Muhammad, have both verified their intentions to participate in the sale, which involves a stake ranging from 51% to 100% in PIA.

Furthermore, prominent businessmen Muhammad Ali Tabba and Arif Habib have established separate consortiums to submit bids for the airline.

Habib stated that he has partnered with Fatima Fertilizer Ltd., Lake City, and The City School for his bid.

Yunus Brothers Group, another well-known business conglomerate in Pakistan, is also bidding as part of a consortium that includes Mega Group, Kohat Cement Co., and Metro Group.

The deadline for submitting Expressions of Interest (EoI) for up to a 100% stake in PIA was initially set for today (Thursday).

The government has extended the deadline for submitting an Expression of Interest (EoI) for the acquisition of Pakistan International Airlines Corporation Limited (PIACL) to June 19, 2025, from the original date of June 3, maintaining all previous terms and conditions.

PIACL, a public limited company, serves as Pakistan’s flag carrier airline. The Government of Pakistan (GOP), through PIA Holding Company Limited, possesses approximately 96% of PIA’s issued capital.

The government aims to divest a 51-100% stake in the heavily indebted carrier to generate revenue and implement reforms in financially strained, state-owned enterprises (SOEs), as outlined in a $7 billion International Monetary Fund (IMF) program.

An initial privatization attempt last year failed after only one offer was received, which was significantly below the asking price of over $300 million.

The Blue World City consortium declined to meet the Privatisation Commission’s minimum expectation of Rs85.03 billion, adhering to its initial offer of Rs10 billion for a 60% stake in PIA, thereby concluding the bidding process for the national flag carrier’s privatization.

Recently, Fauji Fertilizer Company Limited (FFC), a major fertilizer producer in Pakistan, formally indicated its interest in acquiring shares of PIA.