Lucky Cement, Kohat Cement Join Consortium for PIA Privatization Bid

PAKISTAN – Aviation

Lucky Cement Limited has informed the Pakistan Stock Exchange (PSX) that its Board of Directors has approved the company’s participation, as part of a consortium, in the ongoing privatization process of Pakistan International Airlines Corporation Limited (PIACL).

In a notice to the Exchange, Lucky Cement said the decision was taken at a Board meeting held on December 18, 2025, following the satisfactory completion of detailed due diligence by the consortium. The Board has authorized the company, subject to finalization of transaction documents to its satisfaction, to proceed with the submission of a financial bid, including the payment of the requisite earnest money, and to comply with all other formalities as stipulated by the Privatization Commission.

The company further noted that the privatization of PIACL is being carried out through a competitive bidding process in accordance with applicable laws and regulations, with bidding scheduled for December 23, 2025. The transaction remains subject to the consortium emerging as the successful bidder, fulfillment of all conditions outlined in the transaction documents, and receipt of approvals from relevant regulatory authorities.

Separately, Kohat Cement Company Limited has also notified the PSX that it is participating in the same consortium, which comprises Kohat Cement, Lucky Cement Limited, Hub Power Holdings Limited, and Metro Ventures (Pvt.) Limited. Kohat Cement confirmed that the consortium has initiated the bid submission process, including the payment of the required earnest money, in line with the bidding requirements issued by the Privatization Commission.

Kohat Cement reiterated that the PIACL privatization is being conducted through a competitive and transparent process, with the outcome subject to the consortium’s success in the bidding and the subsequent completion of all regulatory and contractual requirements. – ER News Desk

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