Pakistan International Airlines (PIA) is set to be taken over by potential investors, as stated by Pakistan. The country’s Privatisation Commission (PC) Board has successfully approved the prequalification of the investors.
This step comes after the country decided to embrace privatisation and divestment of Pakistan International Airlines Corporation Limited.
Who are these four potential investors?
According to the Pakistan Observer, the prequalified investor parties are
- A consortium consisting of Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited.
- Another consortium, including Arif Habib Corporation Limited, Fatima Fertiliser Company Limited, City Schools (Private) Limited, and Lake City Holdings (Private) Limited
- Fauji Fertiliser Company Limited
- Finally, Air Blue (Private) Limited
In a statement, the Pakistani government revealed that the four bidders have gone through “thorough scrutiny” after the Statements of Qualification (SQF) were handed over by the interested investors.
Why was PIA banned?
The Pakistan government is seeking to sell at least 51% of the PIA and is willing to divest the rest of its stake in future negotiations.
In July 2020, the United Kingdom and the European Aviation Authorities enforced a ban on Pakistan International Airlines (PIA) after a major aircraft crash’s investigation revealed that the pilots operating the aircraft had fake licenses.
Although the European Aviation Authorities lifted the ban in 2024, PIA remains banned in the United Kingdom.
Do you think privatisation can change the fate of Pakistan International Airlines? Let us know in the comments!
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