The Pakistani government plans to sell a 75pc stake in Pakistan International Airlines (PIA), with the successful buyer required to invest at least USD500m over three years to recapitalise the airline.
The sale process is moving forward with no extensions, expecting to announce the winning bidder and sign preliminary sale documents in October, amid efforts to privatize several state-owned entities.
Six parties, including Fly Jinnah, AirBlue, and various consortia, have qualified to bid for the stake after a pre-qualification process conducted earlier this year.
The buyer will take on approximately PKR 220bn (USD789m) in liabilities and must inject PKR 80bn (USD 287m) within the first year, as part of the financial investment strategy for revitalizing PIA’s fleet of 32 aircraft, which has several units out of service.
