In a significant development concerning the privatization of Pakistan International Airlines (PIA), the government announced Thursday that initial documentation has been completed by 10 major parties, showcasing their keen interest in the process. Among these interested parties are three private airlines currently operating in Pakistan.

This update was shared during a media briefing by Abdul Aleem Khan, Federal Minister for Privatization, Investment Board, and Transport. Khan mentioned that these parties are also forming consortiums with both local and foreign partners.

Khan further stated that the Privatization Commission has extended the deadline for submission of Letters of Intent (LoIs) for PIA privatization by 15 days. Consequently, the deadline has been pushed to May 18, providing more time for interested parties to submit their LoIs. He emphasized that this extension marks the final deadline, with no further extensions planned.

Meanwhile, according to Bloomberg, Arif Habib has reportedly submitted a Letter of Interest (LoI) for the stake sale of PIA. The media conglomerate also reported that Akram Wali Muhammad, the Managing Director of Gerry’s Group, has submitted an initial bid.

Addressing concerns regarding inaccuracies in reporting on PIA’s privatization, Khan assured that the situation is promising. He stressed PIA's potential for profitability, especially with the addition of new aircraft, and highlighted the importance of privatization in light of the significant losses incurred by the airline, estimated at 830 billion rupees.

In response to opposition from PPP Chairman Bilawal Bhutto Zardari regarding privatization, Abdul Aleem Khan expressed willingness to meet and convince him, asserting that the government's intentions are in the nation's best interests.

Khan emphasized the government's aim to save billions in losses from government institutions by privatizing them, redirecting these funds towards welfare projects. He stressed the importance of involving the private sector in modernizing and revitalizing these entities to ensure profitability.

Furthermore, Khan disclosed that other entities, including Steel Mill, Discos, First Women Bank, and House Building Finance Corporation, are also undergoing privatization, with swift action being taken following government directives.

Regarding PIA’s flights to Saudi Arabia for Hajj and Umrah, Khan highlighted their profitability and suggested similar arrangements with Europe, America, Canada, and Middle Eastern countries.

Lastly, Khan emphasized the need for transparency in all privatization processes, committing to conducting them with integrity and meritocracy to prevent unwarranted criticism.