PIA Privatization Bid Set for October 1, PM Orders Live Telecast

The Privatization Division is considering a proposal to hold the bid for the privatization of Pakistan International Airlines (PIA) on October 1. In a move to ensure transparency, Prime Minister has directed that the bidding process be televised live.

During a meeting of the National Assembly Standing Committee on Privatization, chaired by Farooq Sattar, Privatization Secretary Jawad Pal briefed members on the progress of PIA’s privatization program. Pal revealed that over 51% of PIA shares will be sold to ensure the new management has independence in decision-making.

Six parties have been pre-qualified for the transaction and are being briefed on PIA’s status, assets, and routes. However, no international companies have participated in the privatization process, prompting committee member Sahar Kamran to suggest closing the State Investment Fund Company (SIFC) if international investment doesn’t materialize.

The committee was informed that employees will be retained for three years, after which the new management can decide their fate. PIA has incurred losses of Rs 490 billion (approximately $3.34 billion) from 2015 to 2023, with last year’s losses ranging from Rs 75 to 80 billion.