The board of Lucky Cement Limited, one of Pakistan’s largest conglomerates, has approved the company’s participation, as part of a consortium, in the ongoing privatisation of Pakistan International Airlines Corporation Limited (PIACL). The decision follows the successful completion of detailed due diligence, the company said in a notice to the Pakistan Stock Exchange on Friday.
The consortium, which includes Lucky Cement, Hub Power Holdings, Kohat Cement Company, and Metro Ventures (Private) Limited, has been authorized to submit its financial bid, pay the requisite earnest money, and comply with all formalities as per transaction documents issued by the Privatisation Commission.
Bidding for PIA is scheduled for December 23, 2025, and Prime Minister Shehbaz Sharif has pledged complete transparency, with the process to be broadcast live on national television. The transaction remains conditional on the consortium emerging as the successful bidder, meeting all regulatory requirements, and securing approvals from relevant authorities.
The government aims to sell 51%–100% of PIA to raise funds and reform cash-draining state enterprises under the $7 billion IMF programme. Last year’s attempt failed after only one bid far below the government’s valuation was received, highlighting the challenges in attracting competitive offers for the national airline.
