Karachi: Lucky Cement Limited, in collaboration with several key corporate entities, has announced its participation in a consortium aiming to acquire a significant equity stake in Pakistan International Airlines Corporation Limited (PIACL). The move comes as the Government of Pakistan proceeds with its plans to privatize the national airline.

The consortium, which includes Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited, has submitted an Expression of Interest and a Statement of Qualification to the Privatisation Commission. This initiative targets acquiring a 51% to 100% equity stake in PIACL, along with management control, as part of the divestment process.

According to information available from the Pakistan Stock Exchange (PSX), the consortium has been pre-qualified and shortlisted to conduct a comprehensive due diligence exercise. This process will cover financial, technical, and legal aspects of PIACL and is a prerequisite to any formal acquisition offer.

As of now, no binding commitments have been made by Lucky Cement Limited or the consortium. Any potential acquisition would depend on the successful completion of the due diligence process, alongside the acquisition of necessary corporate and regulatory approvals. The final decision will also hinge on determining the commercial viability of the transaction.

The equity stake in PIACL is set to be offered through a competitive bidding process in accordance with applicable privatization laws. The consortium’s current focus is to evaluate the feasibility of this acquisition opportunity.