Dawn
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17:21 Jun 19, 2025
In its efforts to sell its struggling flag carrier Pakistan International Airlines (PIA), the government has received expressions of interest from five parties, including business groups and a military-owned firm, the Privatisation Ministry said on Thursday. The bids were submitted ahead of a June 19 deadline to acquire up to 100 per cent of PIA, which has accumulated over $2.5 billion in losses in roughly a decade. Still, following major restructuring, it posted its first operating profit in 21 years in the 2024-25 fiscal year. The sale is seen as a test of Pakistan’s ability to shed loss-making state firms and meet conditions of a $7bn International Monetary Fund bailout. It would be the first major privatisation in nearly two decades. Eight parties submitted their expression of interest, but only five of them provided documents of qualification, the ministry said in a statement. Among the five groups is a consortium of major industrial firms: Lucky Cement Ltd, Hub Power Holdings Ltd, Kohat Cement Co Ltd an...