ISLAMABAD – In a major development, Pakistan’s Privatisation Commission Board rejected a Rs10 billion bid for a 60% stake in Pakistan International Airlines (PIA), submitted by Blue World City Consortium, and explored alternative pathways for the airline’s privatisation.
The bid fell significantly short of the government’s minimum target of Rs85 billion, prompting the board to refer the matter to the Cabinet Committee for further deliberation.
Chairing the high-level meeting, Federal Minister for Privatisation Abdul Aleem Khan emphasized the need for thorough planning and called on board members to present ideas for a more robust privatisation framework. “The privatisation process must align with our national interests,” said Khan. “Our goal is to improve transparency and value in every transaction.”
The board also formed a three-member committee to evaluate future bids and to oversee privatisation procedures more closely. Khan reaffirmed the government’s commitment to moving forward on the PIA privatisation process, despite the challenges.
In the meeting, Secretary Privatisation Commission highlighted interest from foreign carriers. “Airlines like Turkish and Singapore Airlines are interested in PIA, so we must consider every option seriously,” the Secretary noted. Khan assured the board that PIA’s future remains a top priority and stressed the importance of acting quickly.
“The lessons we learn from PIA’s privatisation will guide future efforts,” Khan added. “We are committed to ensuring the best outcomes for the nation and keeping investor concerns in mind.”
During the session, additional topics were discussed, including the status of other ongoing privatisation initiatives. Board members expressed optimism about improving bid offers for state-owned enterprises in upcoming tenders.
