ISLAMABAD: The Pakistani government is set to invite expressions of interest (EoIs) next week for the sale of Pakistan International Airlines (PIA), according to the privatisation ministry’s announcement on Thursday. This move follows PIA’s first annual profit in over 20 years.
The government aims to sell a 51-100% stake in the financially struggling airline to generate funds and streamline state-run enterprises, as outlined in a $7 billion agreement with the International Monetary Fund (IMF).
Last yearβs attempt to privatise PIA resulted in only one bid, significantly below the asking price of over $300 million. Now, the privatisation commission board has given approval to seek fresh bids. The ministry confirmed that the pre-qualification criteria for potential bidders have been finalized.
Next week, the government will actively seek new expressions of interest for the purchase of a majority stake in PIA.
