The Hub Power Company Limited, Kohat Cement, and Lucky Cement have clarified that neither they nor their consortium partners have entered into any binding commitment to acquire equity in Pakistan International Airlines Corporation Limited (PIACL).
All three companies submitted clarifications to the Pakistan Stock Exchange (PSX) on Wednesday.
“For clarity, neither the Company nor the Consortium has entered into any binding commitment with any party for the acquisition of equity in PIACL,” Hubco said in its notice which is almost the same as submitted by other two firms.
The three companies stated that the final decision will depend on the satisfactory completion of due diligence, the receipt of regulatory approvals, and confirmation of the transaction’s commercial viability.
“At this stage, the Company, through the Consortium, intends only to undertake a comprehensive due diligence exercise and evaluate the viability of the potential acquisition opportunity,” Hubco added.
HUBCO said that its wholly owned subsidiary, Hub Power Holdings Limited, has joined hands with Lucky Cement Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited to form a consortium. The consortium has submitted an Expression of Interest and Statement of Qualification for the proposed acquisition of a 51% to 100% equity stake — along with management control — in PIACL, which the Government of Pakistan is offering through a privatization process.
According to HUBCO, the consortium, along with other interested entities, has been pre-qualified by the Privatisation Commission. They have been shortlisted to carry out financial, technical, and legal due diligence on PIACL. This is a preliminary step in what will eventually be a competitive bidding process in accordance with privatization laws.
On Tuesday, the government said it had approved four parties, including business groups and a military-backed firm, to potentially bid for a stake in debt-ridden PIA.
Among the bidding groups, one is a consortium of major industrial firms—Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures.
Another is led by investment firm Arif Habib Corp and includes fertiliser producer Fatima Fertilizer, private education operator The City School, and real estate firm Lake City Holdings.
Additionally, Fauji Fertilizer Company, a military-backed conglomerate, and Pakistani airline Airblue have been approved to bid for PIA.
“The pre-qualified parties will now proceed to the buy-side due diligence phase,” Pakistan’s Privatisation Minister Muhammad Ali said in a statement.
The review process is set to last two to two-and-a-half months, with final bidding and negotiations anticipated in the fourth quarter of 2025, Ali previously told Reuters.
