Employees of Pakistan International Airlines (PIA) have submitted a joint bid to acquire the struggling national carrier, intensifying the competition ahead of the June 19 deadline. The offer was jointly filed by Hidayatullah Khan, President of the CBA-affiliated People’s Unity, and Aqeel Siddiqui, head of the PIA Senior Staff Association (SASA).
The employees argue that they deserve the first right to purchase PIA, as the federal government pushes to privatize the airline after previous failed attempts. Alongside this employee-led bid, Fauji Fertilizer Company Limited (FFC) also submitted an offer on June 16, adding to the list of serious contenders.
The government plans to sell between 51% and 100% of its shares in PIA to help stabilize public finances under the $7 billion IMF-backed reform program. Recently, the deadline for submitting Expressions of Interest (EoI) was extended from June 3 to June 19, 2025, while all other terms remain unchanged.
In a major restructuring move approved in May 2024, PIA was split into two entities: core aviation operations stayed with PIA, while non-core assets and legacy debts were transferred to PIA Holding Company Limited (PIA Holdco). This restructuring aims to make PIA a more attractive investment.
The airline has started showing signs of financial recovery, posting a net profit of Rs26.2 billion in 2024 after years of heavy losses. It carried nearly 4 million passengers last year and operates flights to 30 destinations, signaling operational stability.
The government is keen to complete the privatization by the end of 2025. The Privatisation Commission has also tightened pre-qualification rules to ensure only serious, financially sound bidders advance, aiming to end decades of losses and uncertainty surrounding PIA’s future.