The Khyber Pakhtunkhwa (KP) government announced its interest in participating in the Pakistan International Airlines (PIA) bidding process.
The KP showed interest after the final privatization bid for PIA attracted only one offer of Rs10 billion for a 60% stake, well below the set minimum of Rs85 billion.
Despite the government pre-qualifying six groups in June, the only bid came from a real estate development company. In response, the KP’s Board of Investment and Trade (BOIT) penned a letter to Privatisation Minister Abdul Aleem Khan expressing their intent to secure PIA under a provincial government structure to preserve the airline’s legacy and maintain it as a national asset.
The BOIT’s letter emphasized the strategic importance of PIA as a symbol of national identity and pride. It outlined its proposal to offer a more competitive bid than the current highest, aiming to ensure PIA remains under government control and not transferred to private or foreign entities.
Furthermore, the KP-BOIT requested an urgent meeting with the minister to discuss their proposal and strategic vision for PIA. They expressed readiness to exceed the highest existing bid and reinforce their competitive stance in the acquisition process.
Read: Only One Buyer Steps Up in PIA Privatization Bidding
The letter concluded with an appeal for a favourable response, highlighting the KP government’s commitment to contributing positively to this significant national endeavour. This move comes as Prime Minister Shehbaz Sharif’s administration seeks to divest a 51-100% stake in the debt-laden airline as part of efforts to raise funds and reform state-owned enterprises, in line with a $7 billion International Monetary Fund (IMF) program.
