a day ago
Pakistan draws five potential buyers for national airline PIA, including military-backed group
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 Thursday.
The bids were submitted ahead of a June 19 deadline to acquire up to 100% 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 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 statement.
(Reporting by Ariba Shahid in Islamabad; Editing by Bernadette Baum)
