The bidding process for the privatization of a 75 percent stake in Pakistan International Airlines (PIA) will be held today, according to an official statement issued by the Privatization Commission.
As per the schedule, bids will be received between 10:45 a.m. and 11:15 a.m., while the bids will be formally opened at 3:30 p.m. After submission, the sealed bids will be placed in a secured box. Subsequently, the Privatization Commission Board will convene to determine the reference price.
The Cabinet Committee on Privatization will approve the reference price, which will be officially announced at the time of bid opening. If the submitted bids exceed the reference price, an open auction will be conducted. In case the bids fall below the reference price, preference will be given to the highest bidder.
Under the privatization framework, 25 percent of PIA’s shares will remain with the government as a strategic asset. The successful bidder will have the option either to purchase the remaining 25 percent stake or leave it with the government.
Following approval from the federal cabinet, the relevant documents received from bidders will be signed. The Privatization Commission will then complete all legal formalities within 90 days.
In line with the government’s decision, the entire bidding process will be broadcast live on television networks. Adviser to the Prime Minister on Privatization Muhammad Ali will hold a press conference at the conclusion of the bidding process.
The privatization of the national flag carrier is being carried out under Prime Minister Shehbaz Sharif’s economic reform agenda, aimed at restructuring state-owned enterprises and improving overall economic efficiency.
