KARACHI: The long-awaited privatization of Pakistan International Airlines (PIA) has accelerated into its conclusive phase, with four pre-qualified consortiums now engaged in intensive due diligence ahead of a critical financial bidding round scheduled for December 23.
According to informed sources, representatives of all four investor groups held a pivotal meeting with PIA’s Chief Executive Officer and senior officers this past Saturday. This engagement marks a transition from preliminary interest to detailed financial and operational scrutiny. The consortiums have formally requested, and are now receiving, extensive data records from both the airline and the Privatization Commission on a daily basis. This information package is reported to include granular details on current and retired employees, as well as PIA’s complete portfolio of domestic and international flight routes.
A key clarification emerging from the process is that the financial liability for pensions of retired PIA employees will not be transferred to the new private owner. This responsibility is expected to remain with the government, a condition likely designed to make the airline a more attractive asset for potential buyers by limiting long-term contingent liabilities.
The process is being closely monitored at the highest levels of government, with the Prime Minister’s Secretariat issuing direct instructions to PIA management to ensure full cooperation and transparency in providing all necessary details to the bidding consortia. The December 23 bidding date sets a clear deadline, indicating the government’s firm intent to conclude this major transaction, which is a cornerstone of its broader privatization agenda aimed at stemming continuous losses from state-owned enterprises and inviting strategic investment into the national flag carrier.
Meanwhile Maulana Abdul Ghafoor Haideri, Central Secretary General of the Jamiat Ulema-e-Islam (JUI-F) and former Deputy Chairman of the Senate, issued a stern warning on Wednesday that certain constitutional amendments could “darken the country’s future,” while also dismissing the Balochistan Chief Minister’s recent statements as self-serving.
