Pakistan extends deadline for PIA privatisation bid to June 19

ISLAMABAD: The federal government has extended the deadline for investors to prepare their bids for the purchase of Pakistan International Airlines Corporation Limited (PIACL) until June 19.

The earlier deadline for submitting Expressions of Interest (EoI) and Statements of Qualification for the privatisation of PIACL was June 3, but all other terms and conditions for the acquisition remain unchanged.

The advertisement issued by the privatisation ministry confirmed that “the deadline has been extended to 16:00 hours on Thursday, June 19, 2025.”

The government said that the 15-day extension in the deadline aims to facilitate broader participation in one of the nation’s most significant divestment initiatives in recent times.

PIACL, Pakistan’s flag carrier, is majority-owned by the government, which holds about 96% of the airline’s capital through PIA Holding Company Limited.

Pakistan has been seeking to sell a 51% to 100% stake in the debt-ridden carrier to raise funds and reform cash-draining state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.

A previous attempt to privatise PIA in 2024 failed after the government received just one offer from the Blue World City consortium.

The consortium offered Rs 10 billion for a 60% stake, well short of the Privatisation Commission’s benchmark valuation of Rs 85.03 billion, and was consequently rejected.

In April, the airline said it reported its first annual profit in more than two decades.