Pakistan International Airlines (PIA) is once again at the center of a defining economic moment. On December 23, 2025, Pakistan’s Privatisation Commission received three sealed bids for a 75% stake in the national carrier—to be opened publicly in a live-televised event at 3:30 PM, under IMF-linked reform commitments.
After decades of losses, failed bailouts, political paralysis, and botched privatization attempts, this round is different. Not because of slogans—but because the math finally makes sense.
This article breaks down:
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Who is actually bidding (and who is not)
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Why old rumors don’t hold up
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Why past private airlines failed
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Whether layoffs and higher fares are inevitable
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What it means for PSX stocks and PMI investors
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And whether PIA can realistically survive without privatization
The Current Snapshot (December 23, 2025)
Confirmed Bidders (Fact, not speculation)
Only three parties submitted sealed bids:
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Lucky Cement–led consortium
(Includes Hub Power, Kohat Cement, Metro Ventures)
Widely seen as the frontrunner due to balance-sheet strength. -
Arif Habib Group–led consortium
(Includes Fatima Fertilizer, City Schools, Lake City Holdings) -
Airblue
The only aviation-native bidder. Privately held.
➡️ No Lakson / Lakhani / “Lackson” Group involvement.
➡️ Fauji Fertilizer withdrew earlier.
The government plans to retain 25%, while the winning bidder commits to ~Rs 80 billion reinvestment over five years, job protections, and fleet modernization.
