Four Firms Shortlisted Under New PIA Privatization Push

In a significant step forward for Pakistan’s economic reform agenda, four firms have been shortlisted under the new PIA privatization push, marking steady progress in the country’s strategic transactions.

The Privatization Commission Board, chaired by Adviser to the Prime Minister on Privatization Muhammad Ali, approved the pre-qualification of four interested parties for the divestment of Pakistan International Airlines Corporation Limited (PIACL) during its 237th meeting.

This decision follows a thorough review of the Statements of Qualification (SOQs) submitted by five prospective investors, evaluated against the technical, financial, and documentary requirements outlined in the Request for Statement of Qualification (RSOQ).

Under the latest PIA privatization process, the following four parties have been shortlisted:

• A consortium of Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited
• A consortium of Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, City Schools (Private) Limited, and Lake City Holdings (Private) Limited
• Fauji Fertilizer Company Limited
• Air Blue (Private) Limited

These firms will now move to the buy-side due diligence phase, which is a critical next step in the transparent and competitive privatization of PIACL. Officials describe this stage as essential to ensuring serious investor engagement and maintaining a level playing field.

Meanwhile, in another major decision to advance its privatization goals, the Cabinet Committee on Privatization (CCOP) approved the transaction structure for the Roosevelt Hotel in New York. After reviewing three options—outright sale, long-term lease, and joint venture—the government chose the joint venture model. This structure is intended to maximize long-term returns for Pakistan while offering flexibility, multiple exit opportunities, and reducing future fiscal exposure.

Both developments, particularly the shortlisting of four firms under the new PIA privatization push, reflect the government’s commitment to driving forward a market-led, transparent privatization strategy aimed at attracting investment and bolstering the national economy.