ISLAMABAD: The bidding for PIA privatisation is scheduled for Thursday (31st October, 2024).

Though six bidders (Fly Jinnah, a consortium led by YB Hol­dings (Pvt) Ltd, Airblue Ltd, a consortium led by Pak Ethanol (Pvt) Ltd, Arif Habib Corporation Ltd, and Blue World City*) qualified, only Blue World City submitted the earnest in order to participate in the process.

Blue World City also confirmed that only it has submitted the earnest money. The successful bidder will be eligible to acquire management control and between 51% to 100% share capital.

Following a meeting of Privatisation Commission Board of Pakistan held here on 20th September, 2024 it was announced that PIA would be auctioned on 1st October, 2024.

It is pertinent to mention here that PIA, that is surviving only because of repeated bailout packages provided by the government, yet has to repay a debt of $2.9 billion.

Fly Jinnah, a consortium led by YB Holdings, Air Blue Limited, a consortium led by Pak Ethanol, Arif Habib Corporation and Blue World City are the bidders who pre-qualified for the 1st October auction.

It may be recalled that earlier Secretary of the Privatisation Commission too had told the Senate Standing Committee here that denationalisation of PIA process would be completed by 1st October, 2024.

It is pertinent to mention here that PIA’s BoD during its 83rd meeting held here on 26th March, had approved the privatization and restructuring plan of Pakistan’s National Flag Carrier.

Caretaker government had engaged a global financial advisory firm Ernst & Young that managed to prepare a plan apropos PIA. Moreover, IMF too had advised Pakistan to get rid of loss-making entities enabling the bleeding economy to revive.

*Blue World City (that is also attempting to acquire Islamabad Airport that is to be outsourced) has a consortium that includes Blue World Aviation and IRIS Communication Limited.

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