Eight entities have submitted expressions of interest (EOIs) to buy PIA - Pakistan International Airlines (PK, Islamabad International) ahead of a June 19 deadline, government sources told Reuters. However, only five of the eight entities provided supporting documents of qualification.

The bidding entities include a consortium comprising Lucky Cement Ltd, Hub Power Holdings Ltd, Kohat Cement Co Ltd, and Metro Ventures. Arif Habib Corp Ltd heads another consortium. Its participants include Fatima Fertilizer Co Ltd, real estate firm Lake City Holdings, and private education operator The City School.

A third consortium includes Bahria Foundation, domestic carrier Serene Air (ER, Islamabad International) and Equitas Capital LLC. Separately, AirBlue (PA, Karachi International) and Rawalpindi-headquartered Fauji Fertilizer Company Limited have also submitted their EOIs, accompanied by supporting documentation.

Arif Habib Corp Ltd and AirBlue were involved in consortiums that lodged expressions of interest to bid in 2024's unsuccessful attempt to sell PIA. Last year's sole unsuccessful bidder Blue World City, is not named as being among the current potential bidders.

It is also reported that Hidayatullah Khan, president of the People’s Unity trade union, and Aqeel Siddiqui, head of the PIA Senior Staff Association, have sent in a joint submission on behalf of a group of PIA employees. They say the staff should have the first rights to purchase the airline.

Khan wrote in the EOI that "our intention is supported by experience of decades, knowledge of industry practices, and allied factors."

Other entities, including the Mian Mansha Group and Tabba Group have also expressed interest in buying a stake in PIA, although it is unclear whether either company has lodged an EOI.

The Pakistani government, via its Privatisation Commission, is attempting to sell between 51% and 100% of the state-owned carrier, along with partial or entire stakes in multiple other state-owned enterprises. However, reform and divestment of state-owned enterprises is part of a USD7 billion International Monetary Fund bailout package, and the government is trying again.

The government spokesperson says the Privatisation Commission will work through the EOIs to pre-qualify candidates. This will be followed by a due diligence period lasting up to three months. Final bids are expected towards the end of the year.