Islamabad: The government will publish an advertisement next week to attract new bidders for the selling of Pakistan International Airlines (PIA) 51-100 percent shares, the privatisation ministry said in a statement.
According to a statement from the ministry, the privatisation commission had a meeting, chaired by Muhammad Ali, commission chairman and the Adviser to the Prime Minister on Privatisation.
“The Board approved the pre-qualification criteria for selection of potential bidders for privatisation of 51pc to 100 pc shares of Pakistan International Airlines Corporation Limited (PIACL),” the statement read.
“A fresh advertisement for [the] expression of interest for the demerger of PIACL is planned to be published next week.”
The statement added that the meeting will continue next day “to consider the remaining items on the agenda”.
Earlier this month, a PIA spokesperson said that the carrier’s board of directors approved its financial results for 2024, which showed the airline achieving a net profit after around 21 years.
According to the results for FY 2024, PIA earned an operational profit of Rs 3.9 billion and a net profit of Rs 2.26 bn.
The airline’s operating margin was more than 12pc, which is on a par with the performance of any of the best airlines in the world, the spokesperson said.
The government’s failed first attempt to privatise PIA cost the national exchequer $4.3 million, the National Assembly Standing Committee on Privatisation was informed on February 26.
