The government of Pakistan has launched a fresh bid to privatise the country’s flag carrier, Pakistan International Airlines (PIA), after a previous attempt failed last year.
In a fresh attempt to shift government ownership of the carrier, the country's Privatisation Commission (PC) is taking new bids for a majority stake in the airline, with interested parties able to acquire up to 100% of the Pakistani carrier.
The Privatisation Commission of Pakistan officially gave the go-ahead for a new attempt to sell or transfer ownership of PIA to private investors last month. This follows an attempt to privatise the airline in October of last year, when a sole bidder offered below the minimum expectations of the PC.
It was reported that the initial bid for 60% of PIA was just 10bn Pakistani Rupees ($35.6 million), a long way from the 85.03bn Pakistani Rupee ($302.7 million) target. As a result, the privatisation process was halted, and a new plan was put in place.
Just weeks ago, PIA posted its first annual profit in over two decades. After 21 years, the airline had achieved an operating profit of 9.3bn Pakistani Rupees ($33.1 million) and a net profit of 26.2bn Pakistani Rupees ($93.2 million).
The commission will close bids for this majority stake in the airline on June 3, 2025.