During the National Assembly’s Standing Committee on Privatisation’s session on Tuesday, Secretary of the Privatisation Commission, Usman Akhtar Bajwa, stated that a four-member group will commence a due diligence exercise from Tuesday.

The exercise is expected to take between two to three months, depending on the response from interested investors.

The shortlisted bidders are:

• A consortium involving Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures.

• Another consortium comprising Arif Habib Corporation, Fatima Fertilizer, City Schools, and Lake City Holdings.

• Fauji Fertilizer Company Limited

• Air Blue (Private) Limited

These groups will now begin evaluating the airline’s operations and financials.

Moreover, the committee recommended that the government guarantee secure jobs for around 6,700 PIA employees for at least three to four years post-privatisation.

The Privatisation Secretary admitted that PIA currently has 20% to 25% more staff than needed.

However, he emphasised that future owners may require additional manpower as operations expand.

Also, he added that while the last bidding round had set an 18-month job security period, this time, negotiations would focus on longer guarantees.

He also noted that three of the four current bidders had taken part in the previous privatisation attempt.

Fly Jinnah’ partner, Air Arabia, stated that indicated that they do not have proper expertise to handle an international airline.

Bajwa explained that the base price for PIACL’s assets would be determined closer to the bidding date, in consultation with financial advisers and based on market interest.

The committee was also informed that expressions of interest (EOIs) for the sale of the Roosevelt Hotel in New York City will be invited in August 2025.

PIA CEO Air Vice Marshal (Retired) Muhammad Amir Hayat mentioned ongoing joint operations with Turkish Airlines and Ethiopian Airlines.

He also revealed that the airline’s financial outlook is expected to improve following the planned resumption of flights to Manchester, United Kingdom.

Muttahida Qaumi Movement (MQM) leader Farooq Sattar chaired this session.