Govt draws five potential buyers for PIA

In its efforts to sell its struggling flag carrier Pakistan International Airlines (PIA), the government has received expressions of interest from five parties, including business groups and a military-owned firm, the Privatisation Ministry said on Thursday.

The bids were submitted ahead of a June 19 deadline to acquire up to 100 per cent of PIA, which has accumulated over $2.5 billion in losses in roughly a decade. Still, following major restructuring, it posted its first operating profit in 21 years in the 2024-25 fiscal year.