As part of the government’s privatization initiative under the IMF program, five groups officially submitted Statements of Qualification (SOQs) to acquire a 51–100% stake in Pakistan International Airlines Corporation Limited (PIACL) in June 2025. The process aims to restructure the national carrier and attract serious investors. The shortlisted entities are now under evaluation for the next phase of the privatization.
The five PIA privatization potential buyers include a consortium led by Lucky Cement Limited, comprising Hub Power Holdings, Kohat Cement, and Metro Ventures. This group represents significant interest from the industrial and energy sectors.
Another contender is the Arif Habib Corporation-led consortium, which includes Fatima Fertilizer, City Schools, and Lake City Holdings. This group spans financial services, education, and real estate.
Fauji Fertilizer Company Limited, affiliated with one of Pakistan’s largest conglomerates, is participating independently. Air Blue, a domestic airline, has also submitted its qualification independently, marking its continued interest after previous attempts.
The fifth bidder is a consortium comprising Serene Air, Bahria Foundation, Augment Securities & Investments, Mega C&S Holding, and Equitas Capital LLC, a U.S.-based firm. This group combines aviation, institutional investment, and international financial interests.
The current bidding follows a failed October 2024 attempt with one low offer. Revised terms split PIA’s core aviation assets into PIACL and non-core assets into PIA Holding Company.
The government expects due diligence to conclude in the coming months, with final negotiations likely by the end of 2025. The shortlisted PIA privatization potential buyers will now proceed to detailed evaluations.
 to acquire a 51–100% stake in Pakistan International Airlines Corporation Limited (PIACL) in June 2025. The process aims to restructure the national carrier and attract serious investors. The shortlisted entities are now under evaluation for the next phase of the privatization.){kind=link}