Lucky Cement has clarified that it has not made any binding commitment to acquire Pakistan International Airlines (PIACL), despite being shortlisted in the ongoing PIA privatization process. The company stressed that any decision to proceed depends on the results of due diligence and necessary approvals.
Due Diligence Underway
The group is now conducting financial, legal, and technical assessments of PIA.
However, the company made it clear that no agreement has been signed so far. “Neither Lucky Cement nor the consortium has entered into any binding commitment for equity acquisition in PIACL,” the statement said.
Next Steps Dependent on Viability
Lucky Cement added that a formal acquisition would only occur after completing due diligence, obtaining corporate and regulatory approvals, and confirming that the transaction is commercially feasible. The goal, at this stage, is solely to evaluate the viability of acquiring 51% to 100% equity along with management control.
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Other Interested Bidders
The government announced that four parties have been approved to participate in the bidding for PIA’s stake. Besides Lucky’s consortium, other contenders include:
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Arif Habib-led group with Fatima Fertilizer, The City School, and Lake City Holdings
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Fauji Fertilizer Company (FFC), which has begun its due diligence
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Airblue, a private airline also cleared to bid
FFC, in a separate filing, confirmed that any potential deal remains subject to due diligence outcomes, bid acceptance, agreement finalization, and all regulatory approvals.
Government’s Plan
The privatization of debt-ridden PIA is part of Pakistan’s commitment under its $7 billion IMF program. The government aims to offload 51% to 100% of the airline through competitive bidding to reduce financial strain and reform inefficient state-owned enterprises.
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