Lucky Cement Limited has received board approval to participate in the privatisation of Pakistan International Airlines Corporation Limited. The company will bid as part of a consortium in the ongoing process.
This decision followed the successful completion of detailed due diligence by the consortium. The company confirmed the development through a notice to the Pakistan Stock Exchange.
Board Authorises Financial Bid Submission
The board has authorised Lucky Cement to proceed with submitting a financial bid. This approval remains subject to final transaction documents meeting the consortium’s satisfaction.
The authorisation also allows payment of the required earnest money. Additionally, the company will complete all formalities outlined in the bidding documents.
However, the transaction will proceed only if the consortium emerges as the successful bidder. Regulatory approvals will also be required before completion.
Consortium Members Confirmed
The bidding consortium includes four major entities. These are Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures Private Limited.
Together, the group aims to acquire a stake in the national airline through a competitive bidding process.
Bidding Date and Government Assurance
The bidding for PIA privatisation is scheduled for December 23, 2025. The process will follow a competitive framework approved by authorities.
Prime Minister Shehbaz Sharif has assured full transparency and merit. He also announced that the bidding process will be broadcast live on national television.
Prequalified Bidders and IMF Context
Last month, the Privatisation Commission approved four prequalified bidders. These include the Lucky Cement consortium, Arif Habib Corporation consortium, Fauji Fertilizer Company Limited, and Air Blue Limited.
Pakistan is seeking to sell a 51% to 100% stake in PIA. The move aims to raise funds and reform loss-making state-owned enterprises. This effort aligns with conditions under a $7 billion IMF programme.
Previous Privatisation Attempt Failed
The government previously failed to privatise PIA last year. Only one bid was received, which fell far below expectations.
The minimum valuation exceeded $300 million. However, the sole bidder offered Rs10 billion for a 60% stake.
As a result, the Privatisation Commission ended the bidding process. Officials cited failure to meet the minimum expected value of Rs85.03 billion.
