“Ten companies express interest in purchasing PIA.”

Ten businesses, including three domestic aviation companies, have put in their bids.

According to the sources, other organizations interested in purchasing the majority of PIA shares include Fly Jinnah, AirSial, Arif Habib Group, Shujaat Azeem Group’s consortium, Tabba, Tariq Group, and Sehgal groups.

In order to provide these businesses more time to complete their bids, the PIA privatization deadline, which was originally set for May 3 (today), has been extended to May 18.

The Federal Minister for Privatization, Abdul Aleem Khan, declared in his announcement that the deadline for submitting statements of interest for national flag carriers will not be extended.

Sources claimed that although the Privatization Commission and the PIA administration ran a number of roadshows, they were not very successful.

An earlier request for a 30-day extension to hold its annual general meeting (AGM) was made by Pakistan International Airlines (PIA).

Citing inadequate financial reports and an audit as reasons for the delay, the national flag carrier has applied to the Securities and Exchange Commission of Pakistan (SECP).

A letter explaining the extension and its rationale to shareholders was also sent by the airline to the stock exchange.

The request for a postponement is connected to PIA’s current privatization process, according to people with knowledge of the situation.

Following the requested delay, they estimate that the AGM will occur by May 30.

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