PIA Privatization Auction Scheduled for Today

Islamabad: The Privatization Commission has finalized preparations for the auction of Pakistan International Airlines (PIA), set to take place today. Notably, only the Blue World City Consortium has submitted documents to participate in the bidding process.
According to the Privatization Commission, the auction will commence at 1:30 PM, with the bid opening scheduled for 6:30 PM. The deadline for PIA’s privatization was extended to October 31, following a timeline given by the IMF, which required the government to complete the process by the end of September.
PIA has total assets valued at PKR 152 billion, which include aircraft, slots, routes, and more. The airline’s overall royalty stands at PKR 202 billion, which includes amounts owed to the CAA and PSO. PIA is set to recover between PKR 16 to 17 billion.
The airline currently employs around 7,100 staff, with over 2,400 working on daily wages. PIA has six directors, and out of 45 general managers, the majority hold dual roles.
The final approval for PIA’s privatization will be sought from the Privatization Commission’s board meeting, with the Cabinet’s Privatization Committee also expected to grant approval for the national carrier’s privatization. The federal cabinet will confirm PIA’s reserve price through circulation.
It is noteworthy that the Blue World City Consortium remains the only group to submit bidding documents thus far.