Arif Habib, Gerry’s Group | Among Elite 10 Bidders Eyeing PIA Takeover      

Spread the love

ISLAMABAD:  Arif Habib and Gerry’s Group are among the initial ten contenders vying to acquire a controlling interest in the government-owned Pakistan International Airlines.

Both Arif Habib and Gerry’s Managing Director, Akram Wali Muhammad, have confirmed their participation by submitting bids for the airline.

According to Privatization Minister Abdul Aleem Khan, three private-sector airlines operating domestically have also entered the bidding process, although their specific identities remain undisclosed.

The proposed sale of the majority stake aligns with the government’s commitment to economic reforms, a condition for the International Monetary Fund’s bailout. Prime Minister Shehbaz Sharif, who resumed office in March, has emphasized the unsustainable nature of using taxpayer funds to sustain the airline’s losses annually.

Privatization Minister Khan noted that Pakistan’s national carrier has become more appealing since the government decided not to transfer approximately three-quarters of its debt to the eventual buyer. The government aims to sell between 51% and 100% of the airline, which has struggled to generate profit for nearly twenty years.

To accommodate potential bidders’ requests for additional time for due diligence and coordination with international partners, the Privatization Commission has extended the deadline for submitting letters of intent until May 18th.

Share:

Facebook
Twitter
Pinterest
LinkedIn

Related Articles