Major Development in PIA Privatization as Lucky Cement Approves Bidding

Islamabad: A significant development has emerged in the privatization process of Pakistan International Airlines (PIA), as the board of Lucky Cement has approved participation in the bidding for the national flag carrier.

According to details, a meeting of the Lucky Cement Board of Directors was held, during which approval was granted for submitting a bid to acquire PIA. The board also authorized the Lucky Group to participate in the bidding process as part of a consortium.

Sources said that the bidding for PIA’s privatization is scheduled to take place on December 23, with four consortiums, including the Lucky Group, set to take part in the process.

Meanwhile, government sources revealed that the federal government intends to sell between 51 percent and 100 percent of PIA’s shares as part of the privatization plan.

The move is seen as a major step toward restructuring and privatizing the loss-making national airline, which has long been a burden on the national exchequer.