Latest news with #PakistanInternationalAirlines
Business Recorder
an hour ago
- Politics
- Business Recorder
PIA special flight repatriates 121 stranded Pakistanis from Iran via Baku
A second special repatriation flight operated by Pakistan International Airlines (PIA) safely brought home 121 Pakistani nationals stranded in Iran, the national flag carrier said in a statement on Friday. Flight PK-7160 arrived in Lahore from Baku, Azerbaijan, at 3:40 PM, concluding a coordinated evacuation effort in response to the closure of Iranian airspace. 268 Pakistanis repatriated from Basra successfully: FO With direct air travel suspended, the stranded passengers had travelled overland from Iran to Baku, where arrangements were made for their return to Pakistan. The Pakistani embassies in Tehran and Baku played a pivotal role in facilitating the cross-border movement and coordination required for the repatriation process. Evacuation of Pakistanis in Iran, Iraq: Dar directs PIA to coordinate closely with MOFA The special flight was operated on the directives of the Government of Pakistan. PIA stated that, even in challenging circumstances, it remained committed to national service by prioritizing the safe return of citizens, a reflection of its longstanding tradition of operating in the national interest.
Express Tribune
18 hours ago
- Business
- Express Tribune
Second PIA privatisation effort moves ahead with five bidders
Listen to article The government's renewed push to privatise Pakistan International Airlines (PIA) has drawn interest from eight parties, with five formally submitting pre-qualification documents ahead of Thursday's deadline, the Privatisation Commission confirmed. Among those to file documentation is a consortium comprising Lucky Cement, Hub Power Company, Kohat Cement, and Metro Ventures. A separate group including Arif Habib Corporation, Fatima Fertilizer, The City School, and Lake City Holdings has also expressed interest in acquiring a majority stake in the loss-making national carrier. Airblue and Fauji Fertilizer Company have submitted their documents independently, while expressions of interest were also received from Augment Securities, Serene Air, Bahria Foundation, Mega Holdings, and Equitas, who have indicated joint intent to participate. Read More: Deadline to bid for PIA extended to June 19 Of the eight interested parties, five met the June 19 submission deadline for pre-qualification. These entities will now be granted access to a virtual data room as part of the next phase of due diligence. The commission said that all submissions will be assessed against pre-defined eligibility and financial criteria. Buy-side due diligence has already commenced, with officials optimistic that the process may attract credible bidders in contrast to previous attempts. This marks the government's second attempt at privatising PIA after a failed bid last year. A 2024 auction had attracted just one bid — Rs10 billion ($36 million) from real estate developer Blue World City for a 60 per cent stake. The offer fell well below the government's floor price of Rs85 billion ($305 million) and was subsequently rejected. Also Read: Govt tightens PIA bidding terms This year, the Privatisation Commission reopened the process in April, inviting expressions of interest from both domestic and international investors for a majority stake ranging from 51 to 100 per cent in PIA. The initial deadline of June 3, 2025 was later extended to June 19 to accommodate prospective buyers. In an effort to ensure only financially viable parties move forward, the government introduced stricter qualification criteria for this round and explicitly barred provincial governments from participating in the bidding. The sale of PIA is expected to be Pakistan's first major privatisation in nearly two decades. Reviving loss-making state-owned enterprises such as PIA is a key structural benchmark under the country's ongoing $7 billion bailout programme with the International Monetary Fund (IMF).
India Today
18 hours ago
- Business
- India Today
Pakistan draws 5 potential buyers for its struggling national airline
In its efforts to sell its struggling national airline, Pakistan has received expressions of interest from five parties, including business groups and a military-backed firm, the Privatisation Ministry said on bids were submitted ahead of a June 19 deadline to acquire up to 100 per cent of Pakistan International Airlines, which has accumulated over USD 2.5 billion in losses in roughly a decade. Still, following a major restructuring, it posted its first operating profit in 21 years in the year through June sale is seen as a test of Pakistan's ability to shed loss-making state firms and meet conditions of a USD 7 billion International Monetary Fund bailout. It would be the country's first major privatisation in nearly two decades. Eight parties submitted their expression of interests, but only five of them provided documents of qualification, the ministry said in a the five groups is a consortium of major industrial firms: Lucky Cement Ltd, Hub Power Holdings Ltd, Kohat Cement Co Ltd and Metro is led by investment firm Arif Habib Corp Ltd and includes fertiliser producer Fatima Fertiliser Co Ltd, private education operator The City School and real estate firm Lake City Fertiliser Company Ltd, a military-backed conglomerate, Pakistani airline Airblue Ltd and a consortium that includes Bahria Foundation, domestic carrier Serene Air and US-based Equitas Capital LLC also submitted government will review the documents and give qualified parties access to data for due diligence," the statement DIVESTMENTOnce a leading global airline, PIA resumed European flights in January after a four-year EU ban linked to safety concerns, and is seeking UK clearances, seen as key to its turnaround. Industry insiders say the winning bidder is expected to partner with a foreign airline to run operations.A previous attempt to sell the airline failed as a USD 36 million bid from real estate firm Blue World City fell short of the USD 305 million floor price, with concerns over debt, staffing and limited time, the government is offering full divestment, has scrapped the sales tax on leased aircraft, and is providing limited protection from legal and tax claims. Around 80 per cent of the airline's debt has been transferred to the state."We're targeting 86 billion rupees in privatisation proceeds this year," Privatisation Minister Muhammad Ali told Reuters. "For PIA, in the last round of bidding, 15 per cent of the proceeds were going to the government, with the rest staying within the company."He said bidders would be pre-qualified in early July, with due diligence lasting 2 to 2.5 months, and final bidding and negotiations expected in the fourth quarter of hope the sale will revive the stalled privatisation drive. Other planned deals include the Roosevelt Hotel and several power firms, by Watch IN THIS STORY#Pakistan
Arab News
a day ago
- Business
- Arab News
Five groups submit qualification documents in Pakistan's renewed push to privatize PIA
KARACHI: Pakistan has received qualification documents from five investor groups seeking to acquire a controlling stake in its loss-making national carrier, the Privatization Commission said on Thursday, as the government advances a long-delayed divestment plan. The privatization of state-owned entities has been mandated by the International Monetary Fund (IMF) as Pakistan works to implement structural reforms and stabilize its economy, which has recently shown signs of macroeconomic improvement. Pakistan International Airlines (PIA), in particular, has survived for years on government bailouts, placing further strain on the country's already cash-strapped finances. The government invited expressions of interest in April for a stake ranging from 51 percent to 100 percent in Pakistan International Airlines Corporation Limited (PIACL), along with management control. The final deadline for submitting Statements of Qualification (SOQs) was today. 'The Privatization Commission received Expression of Interest (EOI) from ... eight interested parties,' the official statement said, adding that 'five interested parties submitted SOQs by the deadline today.' Among the groups that submitted documents are a consortium comprising Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures; a consortium led by Arif Habib Corporation with Fatima Fertilizer, City Schools and Lake City Holdings; Air Blue Limited; Fauji Fertilizer Company Limited, which is a military-backed firm; and a consortium including Serene Air, Augment Securities, Bahria Foundation, Mega C&S Holding and Equitas. The government had previously attempted to privatize PIA in 2024 but called off the process after receiving a single bid of Rs10 billion ($36 million) from Blue World City — far below the Rs85 billion ($305 million) floor price. The sale was scrapped, citing the airline's weak financial position and unattractive terms for buyers. PIA has long been a fiscal liability, with operational earnings repeatedly offset by heavy debt servicing. However, following restructuring, it reported an operating profit of Rs9.3 billion ($33.1 million) in April, its first in 21 years. 'The SOQs submitted by the parties will be evaluated by the Privatization Commission against the prequalification criteria,' the official statement informed. 'The prequalified parties will proceed to the next stage where they will be given access to the virtual data room to undertake buy-side due diligence.'
Arab News
a day ago
- Business
- Arab News
Pakistan draws five potential buyers for national air carrier
ISLAMABAD: In its efforts to sell its struggling national airline, Pakistan has received expressions of interest from five parties, including business groups and a military-backed firm, the Privatization Ministry said on Thursday. The bids were submitted ahead of a June 19 deadline to acquire up to 100 percent of Pakistan International Airlines, which has accumulated over $2.5 billion in losses in roughly a decade. Still, following a major restructuring, it posted its first operating profit in 21 years in the year through June 2024. The sale is seen as a test of Pakistan's ability to shed loss-making state firms and meet conditions of a $7 billion International Monetary Fund bailout. It would be the country's first major privatization in nearly two decades. Eight parties submitted their expressions of interest, but only five of them provided documents of qualification, the ministry said in a statement.
