Bids from interested parties invited for PIA privatisation

KARACHI: Pakistan State Oil (PSO) has also given the green light for Pakistan International Airlines’ (PIA) privatisation, clearing the path for the bidding process to commence on June 3, 2024.

Officials from the privatization ministry claim that prior to the PIA’s privatization, its loans and losses were transferred to the withholding firm.

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The Pakistan’s government intends to sell 51 percent of the national flag carrier’s shares; the remaining 49 percent will be owned by the government. The government’s goal is to privatize solely the PIA’s aviation department.

According to officials, businesses that purchase 51 percent of the shares would continue to hold administrative authority over the PIA.

According to earlier reports, Pakistan International Airlines is cash tight and up to three Gulf nations, including Saudi Arabia, Qatar, and the United Arab Emirates, have expressed interest in purchasing the airline.

According to sources, the governments of the three nations have been contacted by the businesses in order to negotiate a deal for Pakistan International Airlines.

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The authorities of the three Gulf nations were also briefed by Pakistani officials regarding the national flag carrier.

After the Pakistan International Airlines privatization plan was completed, sources claim that the airline would be sold to the highest bidder.