Dawn
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16:32 Jul 08, 2025
The government said on Tuesday it had approved four parties, including business groups and a military-backed firm, to potentially bid for a stake in debt-ridden Pakistan International Airlines. The government has been seeking to sell a 51-100 per cent 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 programme. It would be the country’s first major privatisation in nearly two decades. Among the bidding groups, one is a consortium of major industrial firms Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures. Another is led by investment firm Arif Habib Corp and includes fertiliser producer Fatima Fertiliser, private education operator The City School, and real estate firm Lake City Holdings. Additionally, Fauji Fertiliser Company, a military-backed conglomerate, and Pakistani airline Airblue have been approved to bid for PIA. “The pre-qualified parties will now proceed to the buy-si...