Lucky Cement Approves Financial Bid for PIA Privatization

Lucky Cement Limited has formally approved its participation in the ongoing privatization process of Pakistan International Airlines Corporation Limited (PIACL) as part of a consortium, according to a material disclosure submitted to the Pakistan Stock Exchange. The company’s board has authorized the submission of a financial bid after completing due diligence, marking a significant development in the high-profile privatization exercise scheduled later this month.

In a notice dated December 19, 2025, Lucky Cement informed the Pakistan Stock Exchange and the Securities and Exchange Commission of Pakistan that

“Its Board of Directors, in a meeting held on December 18, 2025, approved the company’s participation in the PIACL privatization as part of a consortium”.

The disclosure was made under Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1 of PSX Regulations, ensuring transparency for shareholders and market participants.

Following the satisfactory completion of detailed due diligence by the consortium, Lucky Cement’s board has authorized the company to proceed with the submission of a financial bid, including the payment of required earnest money. The approval remains subject to the finalization of transaction documents and compliance with all bidding and regulatory formalities issued by the Privatization Commission.

The privatization of Pakistan International Airlines is being carried out through a competitive bidding process led by the Privatization Commission of Pakistan. According to the disclosure, the bidding is scheduled for December 23, 2025. The transaction will proceed only if the consortium emerges as the successful bidder, fulfills all applicable conditions, and secures approvals from relevant regulatory authorities.

Lucky Cement clarified that it will continue to keep the stock exchange and its shareholders informed of any further material developments related to this transaction.

Lucky Cement’s entry into the PIA privatization consortium highlights growing private sector interest in strategic state-owned assets and reflects confidence in the structured bidding framework being implemented by the government.