ISLAMABAD: Employees of Pakistan International Airlines (PIA) have officially entered the race to acquire the national flag carrier, submitting a joint bid just days ahead of the June 19 deadline for expressions of interest (EoIs), officials from the Privatisation Commission confirmed on Monday.
The bid was submitted by Hidayatullah Khan, president of the CBA-affiliated People’s Unity, and Aqeel Siddiqui, head of the PIA Senior Staff Association (SASA). Representing a broad coalition of employees, the two leaders argued that staff groups should be given preferential consideration as stakeholders in the privatisation process.
This move comes as the federal government pushes ahead with efforts to privatise the debt-ridden airline after a previous attempt failed to attract viable offers.
Joining the list of contenders, Fauji Fertiliser Company Limited (FFC) — a major force in Pakistan’s fertiliser industry — also confirmed it has submitted its EoI and prequalification documents to the Privatisation Commission to acquire a stake in Pakistan International Airlines Corporation Limited (PIACL).
Sources close to the matter confirmed FFC’s interest in acquiring PIA, noting that the company’s board had approved the move in a meeting on June 13. FFC plans to conduct comprehensive due diligence as part of the process. The government intends to offload between 51% and 100% of its shares in the airline as part of a broader reform initiative backed by a $7 billion IMF programme.
Last month, the EoI deadline was extended to June 19 following a failed privatisation effort last year, which drew only one undervalued bid from the Blue World City consortium — well below the government’s Rs85 billion asking price.
Several prominent business groups, including the Mian Mansha Group, Arif Habib Group, and the Tabba Group, have previously expressed interest in acquiring PIA, adding further competition to what is expected to be a closely watched and highly contested bidding process.
