The government of Pakistan has approved four parties to potentially bid for a stake in the country's flag carrier, Pakistan International Airlines (PIA).
Pakistan's Privatisation Commission officially gave the go-ahead for a new attempt to sell or transfer ownership of PIA to private investors in Match, following an attempt to privatise the airline in October of last year, when a sole bidder offered below minimum expectations.
Pakistan is now looking to shift government ownership of the carrier, allowing interested parties to acquire between 51-100% of the airline.
The four approved bidders include industrial and investment consortiums led by Lucky Cement and Arif Habib Corporation, both joined by partners in energy, real estate, and education. Fauji Fertilizer, a military-linked firm, and Airblue, a private airline, are also contenders aiming to revive the carrier.
This bid to privatise the airline follows its first annual profit in over two decades, achieving an operating profit of 9.3bn Pakistani rupees ($33.1 million) and a net profit of 26.2bn Pakistani Rupees ($93.2 million).
It has been reported that the review process for these bids is set to last up to two-and-a-half months, with final bidding and negotiations anticipated in the fourth quarter of this year.