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Bidding for Pakistan’s International Airline Rescheduled to October 31

According to a spokesperson for Pakistan’s Ministry of Privatization, bidding for Pakistan International Airlines (PIA), which was scheduled for Tuesday, has been delayed until October 31. This delay follows a request from bidders, who sought more time to evaluate the terms and conditions of the sale.

Pakistan’s Efforts In Financial Reform

PIA is a loss-making entity. Pakistan has aimed to privatize Pakistan International Airlines to address the financial inefficiencies of the country. The International Monetary Fund (IMF) has also been advocating for such reforms as part of the country’s ongoing financial restructuring program.

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Six Pre-Qualified Buyers

Among the interested buyers, six parties are pre-qualified for bidding, including Fly Jinnah, Airblue Ltd, and two consortiums: one led by Pak Ethanol (Pvt) Ltd, and another led by YB Holdings (Pvt) Ltd. Additionally, Arif Habib Corporation Ltd and Blue World City have also been named as interested bidders.

Why was it delayed?

The government of Pakistan has previously announced plans to sell between 51% and 100% of its shares in the airline. By extending the bidding deadline, the government hopes to give potential buyers adequate time to assess the deal’s terms.

As October 31 approaches, all eyes will be on the outcome of this sale, which could mark a significant turning point for both PIA and Pakistan’s aviation sector.

(Inputs from other Agencies)

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Vanshika Tyagi