Pakistan government will seek expressions of interest (EOI) next week for the sale of Pakistan International Airlines (PIA), the privatisation ministry said on Thursday, days after it reported its first annual profit in over two decades.
The government has been seeking to sell a 51-100% stake in the debt-ridden carrier, to raise funds and reform cash-draining, state-owned enterprises (SOEs) as envisaged under a $7 billion International Monetary Fund programme (IMF).
Its failed attempt to privatise the PIA last year after receiving a single offer, well below the asking price of more than $300 million.
Pakistan International Airlines returns to profit after 21 years
The privatisation commission board has approved seeking new bids, the ministry said in a statement.
“The board approved the pre-qualification criteria for selection of prospective bidders,” it said. It added new expressions of interest in buying between 51 and 100% of the airline would be sought next week.
Pakistan has shifted almost all of the national carrier’s legacy debt to government books after issues raised by bidders led to the failure of the last privatisation attempt.
PIA’s direct flight from Lahore to Baku from 20th
Muhammad Ali, government adviser on privatisation, said last week all the issues raised at the time of last year’s failed attempt had been dealt with.
The national carrier returned to profit after 21 years, as the national flag carrier posted a net profit of Rs26.2 billion for the year 2024.
It recorded an operational profit of Rs9.3 billion for 2024, according to a PIA press release.
The last time the airline posted a profit was in 2003 and later remained in loss for the next two decades.
