Federal Minister for Law and Justice Azam Nazeer Tarar informed the National Assembly on Thursday that the government is optimistic about receiving better bids in its second attempt to privatize Pakistan International Airlines (PIA) after a previous failed attempt.
During the question hour, the minister highlighted that restoring PIA’s routes to Europe could positively influence the privatization process.
Responding to criticism from Pakistan People’s Party (PPP) members Naveed Qamar, Abdul Qadir Patel, and Shazia Marri regarding the government’s handling of PIA, the minister noted that while the outcome of the bidding process remains uncertain, lessons from the past have been incorporated to improve the chances of success.
“The last bidding process was technically sound but faced issues. This time, we have engaged top-tier firms to ensure a smoother process,” Tarar said.
He added that the government will retain majority shares in PIA, ensuring any new management operates within a defined framework.
Earlier, the Blue World Consortium had submitted a bid of Rs10 billion during the initial privatization attempt, significantly below the expected minimum price of Rs85 billion.
The Privatization Commission Board reviewed and subsequently rejected the bid.
Tarar also informed the house that Air Vice Marshal (retired) Muhammad Amir Hayat has stepped down as CEO of PIA Holding Company Limited (PIAHCL), effective December 9, 2024, and has returned to his parent department.
