Pakistan to relaunch PIA 75% sale Dec. 23 after failed 2024 attempt, with four consortia bidding under new terms.

Pakistan is set to relaunch the auction of 75% of Pakistan International Airlines (PIA) on December 23, following the failure of a 2024 attempt due to a single low bid. The government, under IMF pressure, has cleared major hurdles including settling PIA’s debts, waiving aircraft taxes, and addressing pension liabilities. A holding company will absorb over $2.2 billion in legacy debt, and bidders will pay only 7.5% in cash, with the rest reinvested into the airline. Four consortia are now bidding, with the core aviation business being sold while non-core assets remain state-owned. The sale aims to stabilize PIA’s finances and improve operations, though final terms and the reference price remain pending.