Four potential candidates receive Govt’s approval for PIA debt

• Approved candidates include the lucky of lucky cement, others.
• The Arif Habib Corp investment company drives another consortium.
• Other candidates include Fauji Fertilizer Company, Airblue.

ISLAMABAD: The federal government said on Tuesday that it had approved four parties, including business groups, to possibly submit a debt-ridden Pakistan International Airlines (PIA) share.

The government is seeking to sell a 51-100% share of the National Airline to raise funds and reform state-owned businesses owned by state-owned businesses, as provided by an international monetary capital program of $ 7 billion.

It would be the country’s first significant privatization in almost two decades.

Among the bids groups, one is a consortium of large industrial companies Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures.

Another is led by Arif Habib Corp Investment Company and includes Fatima Fertilizer, Private Education Operator The City School and real estate company Lake City Holdings.

In addition, they have been approved to submit bids for PIA.

“Preliminary parties will now proceed with the proper diligence of the market,” privatization Minister Muhammad Ali said in a statement.

The review process is set for two to two and a half months, with final offers and negotiations expected in the fourth quarter of 2025, Ali said previously Reuters.

The country’s privatization ministry also said that the Council of Ministers’ privatization committee approved the structure of transactions for the New York Roosevelt Hotel, including the options for both completion and long -term lease.

From Roosevelt Hotel, Pakistan expects more than $ 100 million as the first payment during this year, Ali said previously Reuters.