The Privatization Commission confirmed submissions from a consortium led by Lucky Cement (including Hub Power Holdings, Kohat Cement, and Metro Ventures); another headed by Arif Habib Corporation (with Fatima Fertilizer, City Schools, and Lake City Holdings); and private carrier Airblue.

Bids were deposited in a transparent box between 10:45 a.m. and 11:15 a.m. The envelope opening, set for 3:30 p.m., will be televised live after the Cabinet Committee approves a reference price.

Army-linked Fauji Fertilizer Company withdrew days earlier, leaving the field open. Officials say its exit preserves options for potential post-sale partnerships.

The sale targets 75 percent of shares, with most proceeds reinvested in PIA rather than the treasury. A successful deal could mark Pakistan's first major privatization in decades.

Chronic losses, a 2020 crash exposing fake pilot licenses, and international bans crippled the flag carrier, piling up massive debt. Lifting of EU and UK restrictions recently boosted prospects.

Privatization forms part of conditions for a $7 billion IMF bailout, aiming to curb fiscal drains from state firms.

Analysts see the Lucky and Arif Habib groups as frontrunners, given their financial muscle. Airblue trails as a solo player.

Prime Minister Shehbaz Sharif hailed the transparent process, urging a revival to reclaim PIA's former glory and grow aviation's slim GDP share.

If bids top the reserve, open auction follows; otherwise, the highest gets priority.