Committee Chairman Muhammad Farooq Sattar presided over the meeting, according to a press release issued by the National Assembly Secretariat.

Six bidders have been pre-qualified for the auction, including Fly Jinnah, a consortium led by YB Holdings, Air Blue Limited, a consortium led by Pak Ethanol, Arif Habib Corporation, and Blue World City, reports said. To facilitate the auction, the commission plans to adjust the bidding rules.

The national flag carrier is currently burdened with a debt of approximately Rs800 billion ($2.9 billion) and has received multiple government bailout packages in recent years.

The privatisation ministry secretary informed the committee that the contract with the winning company/consortia would be finalised. The committee was assured that the company’s employees’ rights would be protected during the privatisation process.

The NA panel constituted a sub-committee to look into the reasons for the decline of PIAC and submit its report to the committee.

It comprised Sehar Kamran as convener and Sofia Saeed Shah and Saba Sadiq as its members.

The privatisation process was initially intended to conclude by August 14 but was delayed as bidders requested updated financial information and details regarding aircraft lease agreements, especially concerning flights to Europe that have been suspended for nearly four years.

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Earlier this month, the Arif Habib Group chairman said that potential buyers looking to acquire PIA are interested in purchasing 75% of the shares to secure majority control.

The airline cannot be sold for three years after privatisation, Arif Habib said and added that Rs600 billion of this debt would be transferred to a holding company while the remaining Rs200 billion would be assigned to the buyer.