Airblue, Gerry’s, and Top Tycoons Join Race to Acquire PIA

The government’s move to privatize Pakistan International Airlines (PIA) has attracted several bidders, including major domestic players. According a report by Bloomberg, among those confirming their interest are Airblue and travel services giant Gerry’s Group. Their respective managing directors, Aslam Chaudhary and Akram Wali Muhammad, confirmed to the publication that they plan to participate in the bidding process for a stake ranging from 51 percent to 100 percent in the national flag carrier. Prominent businessmen Muhammad Ali Tabba and Arif Habib have also formed separate consortia to compete in the sale, the latter’s group includes Fatima Fertilizer, Lake City, and The City School. Another strong contender is the Yunus Brothers Group, one of the country’s largest business conglomerates. The consortium reportedly includes Mega Group, Kohat Cement, and Metro Group. Fauji Fertilizer had already expressed interest before the government’s Thursday deadline for submissions. The sale is part of government’s broader economic reform commitments under an International Monetary Fund (IMF) loan program. Last year’s attempt to sell the loss-making airline saw limited success, with only one final bid from Blue World City which was well below the government’s minimum valuation of $300 million. After the setback, authorities revised the terms to attract more interest, including tax exemptions on new aircraft purchases, reductions in airline debt, and government assurances against certain tax and legal liabilities.