The deadline for submitting Expressions of Interest (EoIs) to acquire up to a 100% stake in Pakistan International Airlines (PIA) ends today, the government pushes forward with its long-delayed plan to privatise the national flag carrier.

Pakistan International Airlines Corporation Limited (PIACL), a public limited company, is 96% owned by the Government of Pakistan through the PIA Holding Company Limited.

As the country’s flagship airline, PIA operates as a full-service carrier, supported by various ancillary services.

In the previous fiscal year, PIA transported around 4 million passengers across 30 destinations, with a total of 268 weekly flights.

Initially, the government had set a June 3 deadline for EoI submissions, but it was extended to June 19 to allow potential bidders more time to participate. “The deadline for submission of Expressions of Interest and Statements of Qualification for ‘Divestment of Pakistan International Airlines Corporation Limited through privatisation’ has been extended till 16:00 hours on Thursday, 19th June.

The remaining terms and conditions shall remain the same,“ the official advertisement stated.

The government is seeking to offload between 51% and 100% of its shareholding in the loss-making airline, a move aligned with broader economic reforms under a $7 billion programme with the International Monetary Fund (IMF).

The objective is to raise funds and reduce the financial burden of underperforming state-owned enterprises (SOEs).

Last year, an earlier privatisation attempt collapsed after attracting only one bid well below expectations. The Blue World City consortium had offered just Rs10 billion for a 60% stake, falling significantly short of the Privatisation Commission’s benchmark valuation of Rs85.03 billion, leading to the cancellation of the process.

In a recent development, Fauji Fertilizer Company Limited (FFC), one of Pakistan’s largest fertiliser manufacturers, has formally expressed interest in acquiring shares in PIA.

The response to today’s EoI deadline will provide insight into investor appetite and determine whether the government can successfully revive its stalled efforts to privatise the debt-laden airline.