The Government said Tuesday that it had approved four games, including business groups and a company supported by the Army, to potentially offer for a participation in Pakistan international airlines in debt.
The Government has been trying to sell a 51-100 percent participation in the national airline with difficulties in raising funds and reforming state cash drainage companies, as provided in an international monetary funds program of $ 7 billion.
It would be the first great privatization of the country in almost two decades.
Among the bidding groups, one is a consortium of the main industrial companies Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures.
Another is led by the investment firm Arifib Corp and includes the fertilizer producer Fatima Ferilizer, the private education operator of the city school and the real estate firm Lake City Holdings.
In addition, Fauji Fertilizer Company, a conglomerate backed by the army and the Pakistani Airblue airline have been approved to offer by PIA.
“The prequalified parties will now proceed to the due diligence phase of the purchase side,” said Privatization Minister Muhammad Ali, in a statement from his ministry.
The review process will last two or two and a half months, with the final tender and the advance negotiations in the fourth quarter of 2025, said Ali previously Reuters.
The Privatization Ministry also said that the Cabinet Privatization Committee approved the transaction structure for the Roosevelt Hotel located in New York, including the options for direct sale and long -term lease.
From the Roosevelt hotel, Pakistan expects more than $ 100 million as the first payment during this year, said Ali previously Reuters.
