The sale of Pakistan International Airlines (PIA) has attracted significant interest from several major players, including Airblue Ltd. and travel conglomerate Gerry’s Group, Bloomberg reported on Thursday.

Airblue Managing Director Aslam Chaudhary and Gerry’s Group Managing Director Akram Wali Muhammad both confirmed their intention to participate in the bidding for a 51% to 100% stake in the national flag carrier.

In addition, prominent businessmen Muhammad Ali Tabba and Arif Habib have formed separate consortia to bid for PIA. Habib revealed to Bloomberg that his consortium includes Fatima Fertilizer Ltd., Lake City, and The City School.

The Yunus Brothers Group is also in the race, bidding as part of a consortium with Mega Group, Kohat Cement Company, and Metro Group, according to Bloomberg.

The government extended the deadline for submitting Expressions of Interest (EoI) for the acquisition of Pakistan International Airlines Corporation Limited (PIACL) to June 19, 2025, from the earlier June 3 deadline, keeping all terms and conditions unchanged.

PIACL, a public limited company, is Pakistan’s flag carrier, with the government holding approximately 96% ownership through PIA Holding Company Limited. The government aims to sell a majority stake of 51% to 100% in the debt-laden airline to raise funds and reform state-owned enterprises under the$7 billion International Monetary Fund (IMF) program.

Last year’s attempt to privatize PIA failed after receiving only one bid, which was far below the government’s asking price of over$300 million. The Blue World City consortium declined to meet the minimum expectation of Rs85.03 billion, offering just Rs10 billion for a 60% stake, effectively ending the previous bidding process.

Recently, Fauji Fertilizer Company Limited (FFC), one of Pakistan’s largest fertilizer manufacturers, also formally expressed interest in acquiring shares of PIA, adding to the growing list of potential bidders.