Lucky Cement Limited has taken a major step toward participating in the privatisation of Pakistan International Airlines Corporation Limited (PIACL).
The company announced that its board has approved joining the bidding process as part of a consortium, clearing the way for the submission of a financial offer later this month.
In its notice to the Pakistan Stock Exchange, Lucky Cement stated that the board’s approval follows the successful completion of detailed due diligence on PIACL.
With this decision, the company is now authorised to submit its financial bid, deposit the required earnest money and complete all formal requirements under the Privatisation Commission’s guidelines.
The bidding consortium includes Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited. Kohat Cement separately confirmed that it will join Lucky Cement in this process.
The government plans to open financial bids on December 23, 2025, in a competitive and transparent auction. Prime Minister Shehbaz Sharif has already said the event will be broadcast live to ensure credibility.
Lucky Cement also explained that its participation depends on the consortium winning the bid, meeting all conditions and receiving clearance from relevant regulators.
The privatisation of PIA is part of Pakistan’s broader effort to reform loss-making state-owned enterprises.
The national airline has struggled for years with rising debts and operational challenges, prompting the government to sell between 51% and 100% of the carrier.
This renewed process follows a failed attempt last year when a single offer fell far below expectations. The government now hopes the updated structure and stronger investor interest will make the deal successful.