Lucky Cement Consortium Shortlisted for PIA Privatization Bid
KARACHI – Lucky Cement Limited (PSX: LUCK) has confirmed its participation in a consortium that has officially expressed interest in acquiring a majority stake in Pakistan International Airlines Corporation Limited (PIACL), currently undergoing privatization by the Government of Pakistan.
The consortium includes key players such as Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited. Together, they have submitted both an Expression of Interest (EOI) and a Statement of Qualification (SOQ) to acquire 51% to 100% equity in the national airline, along with management control.
Pre-Qualification and Next Steps
In a disclosure to the Pakistan Stock Exchange (PSX) on Tuesday, Lucky Cement stated that the Privatisation Commission has pre-qualified and shortlisted the consortium, alongside other interested parties, for the next phase of the privatization process. This includes conducting financial, technical, and legal due diligence on PIACL.
The transaction will advance through a competitive bidding process, in line with the country’s applicable privatization laws and regulations.
No Binding Commitment Yet
Lucky Cement also clarified that no binding commitment has been made by the company or the consortium at this stage.
“A final decision regarding the acquisition will be made after a thorough due diligence process, regulatory approvals, and a detailed evaluation of commercial viability,” the company stated.
