ISLAMABAD: Islamabad will push back the deadline for companies to express interest in buying national carrier Pakistan International Airlines to May 18, the country’s privatisation minister said on Thursday.

The extension, announced in a statement by Minister for Investment and Privatisation Abdul Aleem Khan, came a day before the expressions of interest had originally been due. He said 10 companies had already expressed an interest.

Pakistan canvasses interest in purchase of stake in PIA

“The Board accorded approval for extension in the date for submission of interests on the request of interested parties,” he said, referring to the Privatisation Commission Board he leads.

Pakistani tycoon Arif Habib and aviation-based company Gerry’s Group were among the 10 bidders looking to buy a majority stake in Pakistan International Airlines, Bloomberg News reported on Friday.

Arif Habib, Pakistan International Airlines and Gerry’s Group did not immediately respond to a Reuters request for comment.

Pakistan’s government has previously said it was putting on the block a stake of between 51% and 100% in the loss-making airline as part of reforms urged by the International Monetary Fund.

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The disposal of the flag carrier is a step that past elected governments have steered away from as it is likely to be highly unpopular, but progress on the privatisation will help cash-strapped Pakistan pursue further funding talks with the IMF.

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KU May 03, 2024 10:06am
Our plight is no different than a banana republic. If the right money is dangled before the Raj, we will see it privatised in few months. Just remember, 130 SOEs still eating up Pakistan's revenue.
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Pakistani1 May 03, 2024 12:20pm
Pakistan has invested into PIA number of times in the past with unsuccessful results. Time to divest partially and give management control. Private sector focused on profits will do a better job.
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Kashif Amin Mandvia May 03, 2024 01:54pm
Arif Habib Group is capable to run PIAA on correct Path
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Taruq sultan May 03, 2024 03:03pm
Selling of PIA will not solve the economic woes of Pakistan..Eventually the sell off will result in further circular debt...An unending Dilemma
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Chawla.i May 04, 2024 09:47pm
Every nation has national interests, even though i bilive with good management we can run this but all properties related to pia should b dispsd properly and let private sector new management shd run
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