ISLAMABAD: On Friday, Prime Minister Shehbaz Sharif directed the concerned authorities to ensure transparency in the privatization process of Pakistan International Airlines (PIA) and complete it within the given time frame.
The development came a day after the federal government officially invited expressions of interest (EOIs) from potential investors for PIA's privatization, marking a major step in its bid to offload a controlling stake in the national flag carrier.
The Privatization Commission decided to sell between 51% and 100% of PIA shares, along with management control, to a prospective buyer. It has given interested parties until June 3, 2025, to submit their EOIs.
PM Shehbaz chaired a meeting today to review the ongoing privatization process of the national flag carrier and stressed the need to keep transparency at the core of the airline’s privatization procedure.
He also instructed the relevant authorities to complete the privatization within the given time frame. Emphasizing the importance of roadshows and active investor engagement, the premier directed them to broadcast the privatization process—and all future state-owned enterprise transactions—live on television and digital platforms to ensure transparency.
Officials informed the meeting that they had developed a comprehensive investor outreach strategy in collaboration with the consultant and were fully implementing it.
They also briefed the prime minister on the bidding criteria, the required timeline, and the conditions for participating in the bidding process.
Adviser to the Prime Minister on Privatisation, Muhammad Ali, assured the media after the meeting that the government had secured the future of around 6,900 employees of the national airline.
He said the government had learnt from past mistakes and would give bidders 60 days to review the accounts.
“The bidding company for the national airline must have a revenue of Rs200bn in 2 years,” he said, adding that the companies participating in the bid must have Rs30bn in cash or shares.
He further announced that the government had abolished the 18% GST on leasing or purchasing aircraft. The adviser also clarified that no provincial government could participate in PIA’s privatization process.
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