ISLAMABAD — Pakistan’s effort to privatize its national flag carrier, Pakistan International Airlines (PIA), has drawn fresh interest as Airblue Ltd. and travel conglomerate Gerry’s Group confirmed their intent to bid ahead of the submission deadline on Thursday, June 20.
Airblue Managing Director Aslam Chaudhary and Gerry’s Group Managing Director Akram Wali Muhammad told Bloomberg News that they will participate in the bidding process, which offers investors a stake ranging from 51% to full ownership in the financially troubled airline.
This new development comes as the government finalises its latest attempt to offload PIA, a move previously aborted due to the airline’s poor financial health and structural issues. According to sources familiar with the process, the current offer has been made more attractive with the inclusion of tax incentives and signs of operational improvements in PIA’s financials.
The Ministry of Privatisation has not commented publicly on the identities of bidders, but industry insiders expect a competitive round of expressions of interest.
The latest names add to a growing list of interested parties. Earlier, Fauji Foundation’s Fauji Fertilizer Company formally notified the Pakistan Stock Exchange of its intent to bid. Separately, a group of PIA employees led by the airline’s Senior Staff Association has expressed interest in a management buyout, proposing to leverage pension funds and private investment to acquire the airline.
In addition, business conglomerate Yunus Brothers Group, which owns Lucky Cement and has stakes in energy projects, is also preparing a bid. A consortium led by Arif Habib Limited — comprising Fatima Fertiliser, Lake City, and The City School — is similarly planning to participate, as reported earlier.
The deadline for submitting expressions of interest is Thursday, after which the government is expected to shortlist qualified investors for due diligence. Despite longstanding fiscal and operational challenges, the interest from diversified business groups signals growing confidence in the airline’s turnaround potential under private management.
