Karachi: The Hub Power Company Limited has announced the formation of a consortium led by its wholly owned subsidiary, Hub Power Holdings Limited, alongside notable companies such as Lucky Cement Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited. The consortium has expressed interest in acquiring a majority equity stake, ranging from 51% to 100%, in Pakistan International Airlines Corporation Limited (PIACL). This proposed acquisition, which includes management control, is part of a privatization effort by the Government of Pakistan.

The consortium, along with other interested parties, has been pre-qualified by the Privatization Commission and is now shortlisted to conduct comprehensive financial, technical, and legal due diligence on PIACL. The acquisition will be pursued through a competitive bidding process, as stipulated by the applicable privatization laws.

According to information available from the Pakistan Stock Exchange (PSX), the current phase involves the consortium focusing solely on due diligence and evaluating the feasibility of the acquisition. There is no binding commitment from either the Hub Power Company or the consortium for the equity acquisition at this stage. Any formal commitment will be contingent upon the successful completion of due diligence, securing necessary corporate and regulatory approvals, and determining the commercial viability of the transaction.

The consortium's interest in PIACL marks a significant move towards privatization, aimed at enhancing operational efficiency and financial performance of the national carrier. The outcome of this process will be closely monitored by stakeholders across the designated market category.