Live updates on the Dec 23, 2025, PIA privatization bidding. Learn about the 75% stake sale, the three final bidders, and the government’s 10:30 AM news update.
The 3:30 PM Showdown: Bids Opening Live
After a failed attempt in 2024, the government has restructured the sale of the national flag carrier to ensure success. Sealed bids were formally submitted at 10:30 AM today and are currently locked in transparent boxes.
The main event—the opening of these bids—is scheduled to begin at 3:30 PM, broadcast live to the nation to ensure complete transparency.
The Final Three Contenders
While several groups initially showed interest, the withdrawal of the Fauji Fertilizer Company (FFC) last week left three major domestic players in the race:
- The Lucky Consortium: Led by Lucky Cement Limited and including Hub Power Holdings (HUBCO), Kohat Cement, and Metro Ventures.
- The Airblue Consortium: Led by Airblue (Pvt) Ltd, the only bidder with direct airline management experience, alongside Lake City Holdings.
- The Arif Habib Consortium: Headed by Arif Habib Corporation Limited, including Fatima Fertilizer and City Schools.
Key Terms of the Sale
The government is offering a 75% stake, but the structure is unique:
- Investment First: 92.5% of the bid amount will be injected directly back into PIA for fleet modernization and operational turnarounds. Only 7.5% will go to the national exchequer.
- Debt Relief: The state has already moved roughly 80% of PIA's legacy debt to a separate holding company, offering the new owners a much cleaner balance sheet.
- Employee Protection: The new owners must guarantee current salaries and job security for at least 12 months. The government holding company will continue to handle pension and post-retirement benefits.
Strategic Assets at Stake
The winning bidder isn't just buying planes; they are acquiring a global footprint. PIA currently holds:
- Rights to 78 international destinations.
- Approximately 170 landing slots at major global airports.
- Air service agreements with 97 countries.
The Road Ahead
Following the bid opening at 3:30 PM, the Adviser to the Prime Minister on Privatisation, Muhammad Ali, will hold a press conference. If the highest bid exceeds the government’s undisclosed "reference price," a winner will be declared immediately. If it falls short, the highest bidder will be invited to match the valuation.
The winner will be required to pay two-thirds of the bid amount within 90 days, with the final third due within a year.