Four Investors Pre-Qualified for PIA Privatisation Bidding
The privatisation process of Pakistan International Airlines (PIA) has progressed to an advanced stage, with four out of five interested parties pre-qualified to bid for the national flag carrier, according to a briefing by the Privatisation Commission to the National Assembly’s Standing Committee on Privatisation, chaired by Farooq Sattar.
The qualified parties will gain access to PIA’s virtual data room starting tomorrow to examine detailed commercial, financial, and legal records. Final bids will follow after the review period.
During the session, PIA’s CEO highlighted that the airline has reported a profit for the first time in 21 years. He also stated that the current fleet of 19 aircraft—averaging 18.5 years in age—is expected to double within five years. A tender has already been floated for replacing passenger seats.
The CEO further disclosed that PIA employs approximately 6,700 individuals, with around 20% considered excess staff. Discussions are underway to ensure workforce retention for at least 18 months after privatisation.
The Privatisation Commission aims to complete due diligence within 60 to 90 days, emphasizing that any delay beyond this would be inefficient.
In a notable remark, Committee Chairman Farooq Sattar shared that Punjab Chief Minister Maryam Nawaz had shown interest in acquiring PIA and suggested she should have been considered more seriously in the process.
