Key points
- Privatisation Commission Board has approved seeking new bids
- All issues raised at the time of last year’s attempt had been dealt with: adviser
- National flag carrier posted a net profit of Rs26.2 billion for the year 2024
ISLAMABAD: Pakistan government will seek expressions of interest (EOIs) next week for the sale of Pakistan International Airlines (PIA), the Privatisation Ministry said on Thursday, days after it reported its first annual profit in over two decades.
According to Business Recorder, the government has been seeking to sell a 51-100 per cent stake in the carrier, to raise funds and reform cash-draining, state-owned enterprises (SOEs) as envisaged under a $7 billion International Monetary Fund programme (IMF).
It failed to privatise the PIA last year after receiving a single offer, below the asking price.
According to Dawn, last month, Privatisation and Investment Minister Abdul Aleem Khan said that the government would complete all the steps to privatise PIA by May.
New bids
The Privatisation Commission Board has approved seeking new bids, the ministry said in a statement.
“The board approved the pre-qualification criteria for selection of prospective bidders,” it said. It added new expressions of interest in buying between 51 and 100 per cent of the airline would be sought next week.
Pakistan has shifted almost all of the national carrier’s legacy debt to government books after issues raised by bidders led to the failure of the last privatisation attempt.
Issues dealt with
According to Business Recorder, Muhammad Ali, government adviser on privatisation, said last week all the issues raised at the time of last year’s failed attempt had been dealt with.
The national carrier returned to profit after 21 years, as the national flag carrier posted a net profit of Rs26.2 billion for the year 2024.
READ ALSO: Pakistan International Airlines “Achieves Net Profit” After Two Decades
It recorded an operational profit of Rs9.3 billion for 2024, according to Business Recorder.
