PIA Privatization Bid Draws Interest from Airblue, Gerry’s

The PIA privatization bid has attracted significant interest from several major players in Pakistan’s aviation and business sectors, with Airblue Ltd. and Gerry’s Group confirming their participation, Bloomberg reported on Thursday.

According to the report, Airblue Managing Director Aslam Chaudhary and Gerry’s Group Managing Director Akram Wali Muhammad both expressed their intent to bid for a 51% to 100% stake in Pakistan International Airlines (PIA), the country’s debt-laden national carrier.

Two of Pakistan’s most prominent businessmen, Muhammad Ali Tabba and Arif Habib, have also formed separate consortia to compete in the bidding process. Arif Habib shared with Bloomberg that his consortium includes Fatima Fertilizer Ltd., Lake City, and The City School.

Business Giants Team Up for PIA Takeover

Yunus Brothers Group is also actively pursuing the PIA privatization bid, forming a consortium with Mega Group, Kohat Cement Co., and Metro Group. The move reflects growing private-sector interest in reviving and restructuring Pakistan’s struggling state-owned airline.

The federal government has extended the deadline for submitting Expressions of Interest (EoIs) for acquiring a stake in Pakistan International Airlines Corporation Limited (PIACL) until June 19, 2025. The original deadline was June 3, and all other terms and conditions remain unchanged.

PIACL, a public limited company, serves as Pakistan’s national flag carrier. The government owns roughly 96% of PIA’s issued capital through PIA Holding Company Limited. The sale is part of broader economic reforms tied to a $7 billion IMF programme aimed at reducing the financial burden of loss-making state-owned enterprises.

The government is offering between 51% and 100% of PIA’s shares in a bid to attract fresh investment and turn the airline around. Last year, an earlier attempt to privatise PIA fell through when only one bid, submitted by Blue World City, came in significantly below the minimum price of Rs 85.03 billion. Their offer of Rs 10 billion for a 60% stake was rejected, ending that round of the process.

In a recent development, Fauji Fertilizer Company Limited (FFC), one of Pakistan’s leading fertiliser producers, has also formally expressed interest in joining the PIA privatization bid, further intensifying competition for control of the national carrier.