Pakistan Looks to Foreign Ownership for PIA Amid Unsatisfactory Local Bids

Pakistan International Airlines may be sold to a foreign government after a low bid for a 60% stake was rejected by the Privatisation Commission. Talks with Qatar and Abu Dhabi are on the table, aiming to expedite the sale under the IMF program's restructuring goals.

Pakistan International Airlines (PIA) is on the brink of international ownership transfer as the government seeks buyers from abroad after rejecting a bid from Blue World Consortium. The bid, amounting to Rs10 billion, fell short of the expected Rs 85 billion, as per ARY News sources.

The Privatisation Commission is now eyeing a government-to-government deal with potential buyers from Qatar or Abu Dhabi to infuse new life into the beleaguered airline, aligning with the $7 billion IMF restructuring mandate. The Strategic Investment Facilitation Council plans to solicit international interest by the end of November.

Despite a bidding process that drew only one viable offer from Blue World City, which was substantially below the government's asking price, authorities remain hopeful of concluding negotiations with foreign entities. A high-level meeting chaired by the Federal Minister for Privatization discussed the way forward and will now escalate the matter to the Cabinet Committee for further action.

(With inputs from agencies.)