The government of Pakistan has relaunched the privatization process for Pakistan International Airlines (PIA). The Privatisation Commission (PC) is inviting new bids for a majority stake in the airline. Interested investors must submit their bids by June 3, 2025. A non-refundable processing fee of $5,000 or Rs1,400,000 is required.
This move follows last year’s failed attempt to privatize PIA. The government had received a low offer that did not meet expectations. The initial bid for 60% of PIA was just Rs10 billion, far below the Rs85.03 billion target. As a result, the privatization process was halted, and a new plan has been put in place.
In recent months, PIA has posted a net profit of Rs26.2 billion for the year 2024, marking a major recovery. This is the first profit in two decades. The airline has been making efforts to return to financial health by restructuring its operations. The government hopes that this will make PIA more attractive to potential buyers.
PIA’s core business includes air transport and related services such as cargo and flight training. The government owns 96% of PIA’s shares through the PIA Holding Company. With the airline’s performance improving, the government is optimistic about the success of the new privatization attempt.