Consortium Emerges as Leading Bidder to Acquire Majority Stake in Pakistan International Airlines

According to a Reuters report, a business consortium has emerged as the highest bidder to acquire 75 percent of the shares in Pakistan International Airlines (PIA). The consortium has submitted the top financial offer to gain controlling interest in the state-owned airline.

Pakistani officials have stated that this consortium registered the highest bid during the tender process, surpassing other companies. Further details about the consortium members and the exact value of the bid have not yet been officially disclosed.

The Pakistani government had previously announced that due to ongoing financial losses, it could no longer sustain the management of the national carrier. According to officials, the company has faced heavy debts, ineffective management, and declining market confidence over the past years.

In line with this, the Pakistani government plans to transfer the majority ownership of PIA to the private sector to relieve the financial burden on the public budget and pave the way for restructuring and improvement of its services.