ISLAMABAD: The Privatisation Commission Board on Tuesday prequalified four investors for the divestment of Pakistan Inter­national Airlines Corporation Ltd (PIACL), while the Cabinet Comm­ittee on Privatisation (CCoP) approved the trans­action structure for the Roosevelt Hotel in New York, marking major progress in the government’s privatisation agenda.

After detailed scrutiny, the board prequalified four entities — Fauji Fert­iliser Company Ltd; Air Blue (Private) Ltd; a consortium comprising Lucky Cement Ltd, Hub Power Holdings Ltd, Kohat Cement Company Ltd and Metro Ventures (Private) Ltd; and another consortium consisting of Arif Habib Corporation Ltd, Fatima Fertiliser Company Ltd, City Schools (Private) Ltd and Lake City Holdings (Private) Ltd.

In a statement, the Priva­tisation Commission said its board had reviewed the Prequalification Com­m­ittee’s recommendations, which were based on the evaluation of Statements of Qualification (SOQs) submitted by five prospective investors. These were assessed in line with the technical, financial and documentary requirements defined in the Request for Statement of Qualification.

The board meeting was chaired by Adviser to the Prime Minister on Priv­atisation and Priva­tisa­tion Commission Chair­man Muhammad Ali.

The prequalified parties will now move to the buy-side due diligence ph­­ase — the next step in the transparent and competitive process for the privatisation of PIACL.

The Privatisation Com­mission had invited expressions of interest for the divestment of 51 to 100 per cent of PIACL’s share capital along with management control.

By the 19 June deadline for submission of SOQs in this second atte­mpt at privatising the national carrier, eight interested parties had initially respon­ded. Ulti­mately, five submissions were received and evaluated.

In a separate development, the CCoP approved the transaction structure for the Roosevelt Hotel in New York, as proposed by the Privatisation Com­mis­sion Board.

The financial adviser had evaluated three strategic options: an outright sale, a joint venture with multiple options, and a long-term lease. Of these, the joint venture model with various options was approved.

This approach is aimed at maximising long-term value for the country while ensuring flexibility and multiple exit opportunities and minimising future fiscal exposure.

“These milestone de­cisions reflect the government’s strong commitment to advancing its economic reform and privatisation agenda in a tra­­­­nsparent, market-driven and investor-friendly manner,” the Privatisation Commission said.

Published in Dawn, July 9th, 2025