“Not for Cheap Sale”: Pakistan’s Privatization Minister stands firm on PIA valuation

KARACHI: Pakistan’s Privatization Minister Abdul Aleem Khan has welcomed bids from provincial governments, including Punjab and Khyber Pakhtunkhwa, to acquire Pakistan International Airlines (PIA), emphasizing that the national flag carrier is a “national asset” that won’t be sold cheaply.

He added, “PIA is our national asset, I cannot sell it for trinkets,” he said. “I can sell any personal belonging of mine even for free (but not a national asset).”

Khan’s statement follows a televised auction in which Blue World City made a sole bid of Rs10 billion ($36 million), far below the government’s minimum price of Rs85 billion ($305 million).

In addition, several provincial governments jumped in to acquire PIA, The Khyber Pakhtunkhwa CM Ali Amin Gandapur has offered to exceed the bid, advocating for government control to preserve PIA’s status.

According to details, the KP Investment Board wrote to Federal Minister for Privatization Abdul Aleem Khan, expressing its intention to submit a bid.

Earlier, PLM-N leader Nawaz Sharif and Punjab Chief Minister Maryam Nawaz are considering acquiring PIA and rebranding it “Air Punjab.”

However, later the senior Minister Maryam Aurangzeb denied that the Punjab government is interested in buying PIA and there has been no discussion about it.

In a recent development, Sindh Governor Kamran Tessori revealed that Karachi traders are interested in acquiring PIA, proposing a new ” PK ” airline for Pakistan and Karachi.

Pakistan’s decision to privatize PIA stems from its agreement with the International Monetary Fund (IMF) for a $7 billion bailout.

Critics view the sole bid as an embarrassment, suggesting fleet expansion would restore operational viability. PIA’s struggles include financial losses, mismanagement, and corruption allegations, prompting concerns about the disposal of the national assets.