Airblue, Gerry’s Group among bidders for PIA as EoI deadline ends today: Bloomberg

The sale of Pakistan International Airlines (PIA), the national flag carrier, has drawn interest from several parties, including Airblue Ltd. and travel conglomerate Gerry’s Group, reported Bloomberg on Thursday.

As per the report, Airblue Managing Director Aslam Chaudhary and Gerry’s Group Managing Director Akram Wali Muhammad both confirmed their plans to participate in the sale of a 51% to 100% stake in PIA.

Moreover, prominent businessmen Muhammad Ali Tabba and Arif Habib have formed separate consortia to bid for the airline.

Habib told Bloomberg that he has teamed up with Fatima Fertilizer Ltd., Lake City and The City School.

Meanwhile, Yunus Brothers Group, another prominent business conglomerate of Pakistan, is bidding in a consortium including Mega Group, Kohat Cement Co. and Metro Group, Bloomberg said.

The government had extended the deadline to submit an Expression of Interest (EoI) for the acquisition of Pakistan International Airlines Corporation Limited (PIACL) until June 19, 2025 (today), from the earlier deadline of June 3, with all terms and conditions remaining the same.

PIACL, a public limited company, is the flag carrier airline of Pakistan. The Government of Pakistan (GOP), through PIA Holding Company Limited, owns approximately 96% of the issued capital of PIA.

The government has been seeking to sell a 51-100% stake in the debt-ridden carrier to raise funds and reform cash-draining, state-owned enterprises (SOEs) as envisaged under a $7 billion International Monetary Fund programme (IMF).

It failed in the first attempt to privatise the PIA last year after receiving a single offer, well below the asking price of more than $300 million.

Blue World City consortium refused to match the minimum expectation of the Privatisation Commission of Rs85.03 billion and stuck to its original offer of Rs10 billion for a 60% stake in the PIA, ending the bidding process of the national flag carrier’s privatisation.

Days ago, Fauji Fertilizer Company Limited (FFC), one of Pakistan’s largest fertiliser manufacturers, formally expressed interest in acquiring shares of PIA.