Deadline for PIA Sale Extended: Pakistan Seeks Buyers

Pakistan has extended the deadline to June 19 for expressions of interest in purchasing Pakistan International Airlines. The sale aims to offload a 51% to 100% interest to raise funds under an IMF program. The previous year's privatisation effort fell through with just a single low offer.

In a bid to offload state-owned assets, Pakistan has extended the deadline to June 19 for expressions of interest in buying Pakistan International Airlines, according to the country's privatisation ministry.

The government aims to sell a stake between 51% and 100% to raise funds and reform struggling enterprises under a $7 billion International Monetary Fund (IMF) programme. Recent privatisation efforts had stumbled when a lone offer fell significantly short of the more than $300 million asking price last year.

Pakistan transferred most of the airline's debt and liabilities to state accounts after issues raised by bidders caused the previous privatisation attempt to fail. Notably, the carrier reported its first annual profit in over 20 years this April.