- Approved bidders include the lucky cement consortium, others.
- The investment company Arif Habib Corp directs another consortium.
- The other tenderers include Fauji Garilizer Company, Airblue.
Islamabad: The federal government said on Tuesday that it had approved four parties, including corporate groups, to potentially tender for participation in international airlines Pakistan (PIA), debt.
The government has sought to sell a participation of 51 to 100% in the national airline in difficulty to collect funds and reform companies belonging to the discharge in cash, as planned as part of an international monetary fund program of $ 7 billion.
It would be the country’s first major privatization in almost two decades.
Among the tendering groups, one is a consortium of large industrial companies Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures.
Another is directed by the investment company Arif Habib Corp and includes the producer of fertilizer Fatima Englilizer, the private education operator of the City School and the real estate company Lake City Holdings.
In addition, Fauji Garilizer Company and Pakistani Airline Airblue, were approved to bid for PIA.
“The pre-qualified parties will now carry out the reasonable diligence phase of the purchase,” said Minister of Privatization Muhammad Ali in a press release.
The examination process should last two to two and a half months, with final auctions and negotiations scheduled for the fourth quarter of 2025, said Ali Ali Reuters.
The Ministry of the Pays of Privatization also said that the Cabinet Committee on privatization had approved the Roosevelt Hotel Transactions Structure located in New York, including outright sale and long -term lease options.
From the Roosevelt hotel, Pakistan is expecting more than $ 100 million in the first payment during this year, Ali said Reuters.