❌ “PIA was already sold for $36 million”
The owner of Suno TV — through its association with Blue World City (a real estate developer led by Saad Nazir) — submitted the sole bid for Pakistan International Airlines (PIA) during the 2024 privatization attempt.They offered Rs 10 billion (approximately $36 million USD) for a controlling stake.This bid was significantly below the government’s minimum reference price (around $305 million for a 60% stake at the time), and Blue World City declined to increase it, leading to the process failing.
That refers to a failed 2024 attempt, where Blue World City bid ~$36m for 60%, far below the reserve price.
The deal collapsed.
This time:
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More equity offered
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Debt offloaded beforehand
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Routes restored (UK/EU)
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Losses sharply reduced
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IMF oversight enforced
Different structure. Different outcome.
Why the Numbers Finally Add Up
Pakistan’s Fiscal Reality (FY24)
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Salary tax collected: Rs 367 billion
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SOE losses: Rs 851 billion
That’s 2.3× more money lost by SOEs than collected from all salaried employees combined.
This is not ideology. This is arithmetic.
PIA’s Own Turnaround Trend
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FY23 loss: Rs 26 billion
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FY24 loss: Rs 15 billion
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42% improvement year-on-year
PIA is still bleeding—but it’s bleeding less, after:
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Debt restructuring
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Route normalization
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Cost discipline
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Reduced political interference
Privatization isn’t the starting point. It’s the next step.
