A consortium containing Pakistan cement producers are vying to buy Pakistan International Airlines. Lucky Cement, Hub Power holdings, Kohat Cement and Metro Ventures form one bidding outfit, while Arif Habib Corp (Power Cement Ltd), Fatima Fertiliser Co, City Schools (Pvt) Ltd and Lake City Holdings (Pvt) Ltd have formed a rival consortium seeking to buy the airline.
The Privatisation Commission announced that the pre-qualified parties would proceed to the buy-side due diligence phase. Pakistan’s government is selling the majority shares in the airline along with management control. The government has set a minimum price of PKR85.03bn (US$299m) with a PKR46bn negative balance sheet. The bidding is expected to occur between October and December 2025.
This is the second attempt to privatise the company after a failed bid attempt in 2024. Outright sale, joint venture with multiple options and long-term lease – the joint venture model with multiple options has been approved by the CCOP, according to the announcement.
The development for the cement producers could see them use captured CO2 from their cement plants to create sustainable aviation fuel, building a circular economy. The conglomerates can also reduce their risk by diversifying their businesses to include the aviation sector.
