The Privatisation Commission has shortlisted four bidders to participate in the long-awaited sale of Pakistan International Airlines Company Limited (PIACL), marking a critical step in the government’s renewed push to privatise the loss-making national carrier, according to media reports.

The announcement came during a Senate committee session chaired by Senator Dr Afnan Ullah Khan, where officials confirmed that the bidding process is expected in the fourth quarter of 2025, between October and December.

The government is offering between 51% and 100% of PIACL’s shares, along with management control.

According to the media reports, the four cleared applicants include: Consortium of Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures; Consortium of Arif Habib Corporation, Fatima Fertiliser, City Schools (Pvt) Ltd, and Lake City Holdings (Pvt) Ltd; and Fauji Fertiliser Company (FFC).

Airblue (Pvt) Ltd, the only airline on the list, brings operational aviation expertise.