PIA privatisation: Lucky Cement gets board nod to bid

The board of Lucky Cement Limited, one of Pakistan’s largest conglomerates, has approved its participation, as part of a consortium, in the ongoing privatisation process of Pakistan International Airlines Corporation Limited (PIACL).

The development comes following the satisfactory completion of detailed due diligence conducted by the consortium, Lucky Cement said in a notice to the Pakistan Stock Exchange (PSX) on Friday.

“The board has authorized the company, as part of the consortium, subject to the finalization of the transaction documents to its satisfaction, to proceed with the submission of the financial bid, including the payment of the requisite earnest money, and to comply with all other formalities as stipulated in the transaction documents and bidding requirements issued by the commission,” read the notice.

PIA to be sold this year, but buyers won’t get guarantees: Privatisation Commission chief

It is pertinent to mention that the consortium comprises Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited

The privatisation of PIACL is being conducted through a competitive bidding process, with the bidding scheduled for December 23, 2025.

Earlier, Prime Minister Shehbaz Sharif assured complete transparency and merit in PIA privatisation, announcing that the bidding process would be broadcast live on national television.

“The transaction remains subject to the consortium emerging as the successful bidder, the fulfilment of all applicable conditions specified in the transaction documents, and the obtaining of approvals from the relevant regulatory authorities,” Lucky added.

Last month, the Privatisation Commission (PC) approved the prequalification of four interested parties, i.e. Lucky Cement consortium, Arif Habib Corporation consortium, Fauji Fertilizer Company Limited, and Air Blue Limited, for the divestment of PIA.

Pakistan has been seeking to sell a 51%-100% stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund (IMF) programme.

The government 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 PC 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.