ISLAMABAD (Reuters) – Pakistan will postpone the deadline for companies to express interest in buying national carrier Pakistan International Airlines to May 18, the privatization minister said on Thursday.
The extension, announced in a statement by Investment and Privatization Minister Abdul Aleem Khan, came one day before the expression of interest was scheduled to take place. He said 10 companies have already expressed interest.
He added, “The Council agreed to extend the deadline for submitting the interests based on the request of the concerned parties,” referring to the Privatization Authority Council, which he chairs.
The Pakistani government had previously said that it would place a stake ranging between 51% and 100% in the loss-making airline as part of reforms urged by the International Monetary Fund.
Ditching the national carrier is a move that elected governments have moved away from because it is likely to be deeply unpopular, but progress on privatization will help cash-strapped Pakistan continue financing talks with the International Monetary Fund.