Arif Habib and Gerry's Group bid for PIA stake

Islamabad has decided to extend the deadline for companies interested in acquiring Pakistan International Airlines (PIA) until May 18, as announced by the country's Privatisation Minister Abdul Aleem Khan. The initial deadline for expressions of interest was set to expire, prompting the extension to allow more time for potential buyers to participate. So far, 10 companies have shown interest in acquiring a stake in PIA.

The Privatisation Commission Board, led by Minister Khan, approved the deadline extension in response to requests from interested parties. Among the bidders are prominent figures such as Pakistani tycoon Arif Habib and aviation-based company Gerry's Group, both vying for a majority stake in the national carrier. However, neither Arif Habib, PIA, nor Gerry's Group have provided any comments regarding their bids.

Pakistan's government aims to sell a stake ranging from 51% to 100% in PIA, a move aligned with reforms recommended by the International Monetary Fund (IMF). Previous administrations have shied away from privatizing the struggling airline due to potential backlash, but the current government sees it as a necessary step to secure additional funding from the IMF and address Pakistan's financial challenges.