Sealed bids from prospective investors are to be submitted by 10:30 a.m., with the reference price approved by the Privatisation Commission Board and the Cabinet Committee on Privatisation.

According to the Commission, the bids will be opened in a public ceremony at 3:30 p.m., where investors will be present.

During the event, both the submitted bids and the reference price will be disclosed, and the privatisation process will be conducted in accordance with established rules and regulations.

Privatisation Advisor to the Prime Minister, Muhammad Ali, will address a press conference following the completion of the bidding procedure.

The move forms part of Prime Minister Shehbaz Sharif’s economic reform agenda, aimed at revitalising the national carrier.

Three prequalified bidders — Airblue (Pvt) Ltd; a consortium led by Lucky Cement with Hub Power Holdings, Kohat Cement and Metro Ventures; and a consortium led by Arif Habib Corporation with Fatima Fertiliser, City Schools and Lake City Holdings — have submitted the earnest money amount.

Meanwhile, Fauji Fertiliser Company Ltd, earlier viewed as a leading contender for the 75% stake in Pakistan International Airlines (PIA), had last week formally withdrawn from the privatisation bidding.

The government has stressed its commitment to a transparent, credible, and verifiable privatisation process, with live coverage planned across television channels, official government platforms, and relevant social media handles of the Privatisation Division.

The privatisation of PIA is intended to restore the airline’s legacy and ensure its “return with the stature of a national legend,” according to the official statement.