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KARACHI: Pakistan has received qualification documents from five investor groups seeking to acquire a controlling stake in its loss-making national carrier, the Privatization Commission said on Thursday, as the government advances a long-delayed divestment plan.

The privatization of state-owned entities has been mandated by the International Monetary Fund (IMF) as Pakistan works to implement structural reforms and stabilize its economy, which has recently shown signs of macroeconomic improvement.

Pakistan International Airlines (PIA), in particular, has survived for years on government bailouts, placing further strain on the country’s already cash-strapped finances.

The government invited expressions of interest in April for a stake ranging from 51 percent to 100 percent in Pakistan International Airlines Corporation Limited (PIACL), along with management control. The final deadline for submitting Statements of Qualification (SOQs) was today.

“The Privatization Commission received Expression of Interest (EOI) from ... eight interested parties,” the official statement said, adding that “five interested parties submitted SOQs by the deadline today.”

Among the groups that submitted documents are a consortium comprising Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures; a consortium led by Arif Habib Corporation with Fatima Fertilizer, City Schools and Lake City Holdings; Air Blue Limited; Fauji Fertilizer Company Limited, which is a military-backed firm; and a consortium including Serene Air, Augment Securities, Bahria Foundation, Mega C&S Holding and Equitas.

The government had previously attempted to privatize PIA in 2024 but called off the process after receiving a single bid of Rs10 billion ($36 million) from Blue World City — far below the Rs85 billion ($305 million) floor price.

The sale was scrapped, citing the airline’s weak financial position and unattractive terms for buyers.

PIA has long been a fiscal liability, with operational earnings repeatedly offset by heavy debt servicing. However, following restructuring, it reported an operating profit of Rs9.3 billion ($33.1 million) in April, its first in 21 years.

“The SOQs submitted by the parties will be evaluated by the Privatization Commission against the prequalification criteria,” the official statement informed. “The prequalified parties will proceed to the next stage where they will be given access to the virtual data room to undertake buy-side due diligence.”

ISLAMABAD: Pakistan’s foreign office on Thursday called on the international community to end Israel’s ongoing war against Iran, condemning Tel Aviv for launching an “unjustified and illegitimate” attack and demanding its accountability.

The statement came hours after Pakistan’s army chief, Field Marshal Syed Asim Munir, attended a luncheon at the White House hosted by US President Donald Trump, a rare engagement that lasted longer than scheduled.

Trump, who has publicly backed Israeli Prime Minister Benjamin Netanyahu and stated Iran will not be allowed to acquire nuclear weapons, confirmed that the Israel-Iran conflict was discussed during his meeting with Munir.

While he did not share further details, Pakistan has maintained its longstanding position that Israel’s war with Iran threatens to destabilize the region.

“Pakistan strongly condemns unjustified and illegitimate aggression by Israel against the Islamic Republic of Iran,” foreign office spokesperson Ambassador Shafqat Ali Khan said at the outset of his weekly press briefing.

“Pakistan stands in resolute solidarity with the people of Iran and unequivocally denounces these blatant provocations, which constitute a grave danger and a serious threat to the peace, security, and stability of the entire region and beyond, with serious implications,” he added. “The international community and the United Nations bear the responsibility to uphold international law, stop this aggression immediately and hold the aggressor accountable for its actions.”

Khan pointed to a joint statement released earlier this week by 20 countries, including Pakistan, calling for an immediate halt to hostilities in the Middle East and urging de-escalation.

The statement underscored the urgent need to establish “a Middle East Zone Free of Nuclear Weapons and Other Weapons of Mass Destruction,” applying to all states in the region without exception.

It further called on all Middle Eastern countries to join the Nuclear Non-Proliferation Treaty (NPT).

Asked whether the United States sought any “special favor” from Pakistan during the army chief’s meeting with Trump, Khan said both nations share “strong and multifaceted relations” with “a full agenda of interaction and cooperation.”

“So, I don’t know how to characterize or define a special favor,” he remarked.

The spokesperson reiterated that Pakistan has consistently advocated for diplomatic solutions to international conflicts and would support any meaningful initiative in that direction.