ISLAMABAD: The Privatisation Commission of Pakistan has reported a robust response from strategic and financial investors in the second attempt to divest Pakistan International Airlines Corporation Limited (PIACL), the national flag carrier.
Eight investor groups submitted Expressions of Interest (EOIs) for the sale of a 51% to 100% stake in PIACL, along with management control. The deadline for Statement of Qualifications (SOQs) submissions passed Thursday, with five parties meeting the requirement.
The investor groups that submitted EOIs include a consortium of Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited and Metro Ventures (Private) Limited; a consortium of Arif Habib Corporation Limited and Fatima Fertilizer Company Limited; AKD Group; Air Blue Limited; a consortium of Augment Securities & Investments (Private) Limited and Serene Air (Private) Limited (Equitas Group); Habib Rafique Group; Fauji Fertilizer Company Limited; and Sardar Muhammad Ashraf D. Baloch.
Of these, five proceeded to submit SOQs: a consortium of Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited and Metro Ventures (Private) Limited; a consortium of Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, City Schools (Private) Limited and Lake City Holdings (Private) Limited; Fauji Fertilizer Company Limited; Air Blue Limited; and a consortium of Augment Securities & Investments (Private) Limited, Serene Air (Private) Limited, Bahria Foundation, Mega C&S Holding and Equitas.
The Privatisation Commission will now evaluate submissions based on prequalification criteria outlined in the Request for Statement of Qualification (RSOQ). Prequalified parties will advance to the next stage, gaining access to a virtual data room and conducting due diligence.
The strong investor turnout signals market confidence in the government’s privatization agenda and marks a key step in restructuring the struggling national carrier.
The government had approved a transaction structure requiring at least a 51% stake sale to a private entity. A previous divestment attempt in October 2024 failed after only one bidder remained following disagreements over tax waivers and balance sheet clearance.
Pakistan’s privatization program, launched in August 2024, identified 24 state-owned enterprises for divestment in three phases, with 10 transactions slated for the first year.