The Pakistani government will issue new expressions of interest for the sale of Pakistan International Airlines (PIA) by late April, just days after the national carrier reported its first annual profit in over two decades. The move is part of a broader plan to privatize struggling state-owned enterprises under a $7 billion IMF reform programme.
Islamabad is looking to divest a 51-100% stake in PIA, having previously failed to attract competitive offers in 2024. The only bid received then was significantly below the $300 million threshold. Now, with PIA’s legacy debt shifted to government accounts and concerns over taxation and balance sheets resolved, officials are hopeful for a more favorable outcome.
Privatisation adviser Muhammad Ali confirmed revisions are being made to pre-qualification criteria and hinted that the reference price could also change to reflect updated financials. The sale is expected to be finalized by year-end.
The government is also fast-tracking the privatisation of power distribution companies and reassessing its timeline for other SOEs. Additionally, global real estate firm Jones Lang LaSalle has been tapped to advise on monetizing PIA’s Roosevelt Hotel in Manhattan, either through a direct sale or a joint venture with a top-tier developer, which could yield significantly higher returns.
Source: Swifteradio.com
