The Privatisation Commission has granted access to the virtual data room of Pakistan International Airlines Corporation Limited (PIACL) to four shortlisted parties for conducting buy-side due diligence ahead of the airline’s planned privatisation. The virtual data room, a secure digital platform for sharing confidential documents, will allow these entities to review operational, legal, and financial records as they assess the national carrier’s viability for acquisition.
The commission shared this development with the National Assembly Standing Committee on Privatisation during a meeting held in Islamabad. According to the commission, the pre-qualification committee has finalized four interested parties. These include a consortium comprising Lucky Cement Ltd, Hub Power Holdings Ltd, Kohat Cement Company Ltd, and Metro Ventures Limited; another consortium consisting of Arif Habib Corporation Ltd, Fatima Fertiliser Company Ltd, The City School Ltd, and Lake City Holdings Ltd; as well as standalone bidders Fauji Fertiliser Company Ltd and Air Blue.
These groups are now cleared to conduct in-depth assessments using the virtual data room, which serves as a central tool in mergers and acquisitions, enabling transparency and streamlining the decision-making process for high-value transactions. The data room provides structured access to critical business information necessary for forming investment decisions and submitting proposals.
During the same committee meeting, chaired by Muhammad Farooq Sattar, members also passed the Privatisation Commission (Amendment) Bill 2024 by a majority vote. This government-sponsored bill is intended to update regulatory provisions related to the country’s ongoing privatisation programme.
Additionally, the committee was informed by a Ministry of Finance representative that Rs3 billion has already been approved for Postal Life Insurance Company Limited. Another Rs3 billion is set to be disbursed across the third and fourth quarters of the current fiscal year. These funds are part of broader financial support packages to state-owned enterprises undergoing structural and operational reform.
The involvement of prominent local corporate groups in the bidding process for PIACL reflects growing private sector interest in the restructuring and ownership of major state enterprises. The next steps for these shortlisted entities will involve reviewing detailed records in the data room, conducting financial and legal analysis, and potentially submitting financial bids depending on the outcome of their evaluations. The process underscores a critical phase in Pakistan’s privatisation roadmap, which seeks to transfer underperforming or strategically selected public sector assets into private hands to improve efficiency and reduce fiscal burdens on the government.
