Pakistan has received three bids for the privatisation of Pakistan International Airlines (PIA), marking the country’s most high-profile state-owned entity sale. The bids were submitted on Tuesday morning by Lucky Cement, private airline Airblue, and investment firm Arif Habib.

The bidders handed in sealed offers during a public ceremony in Islamabad. The event was broadcast live on state television, with envelopes deposited into a transparent box to ensure transparency.

Following submission, the Privatisation Commission Board and the Cabinet Committee on Privatisation will approve the reference price for the bidding. The envelopes will be opened at a ceremony starting at 3:30 pm, with results announced publicly. A press conference will follow, led by Adviser to the Prime Minister on Privatisation Muhammad Ali.

This is Pakistan’s second attempt at selling the loss-making national carrier after last year’s auction failed due to a solitary lowball offer. Prime Minister Shehbaz Sharif thanked officials for making the process transparent, calling it the largest transaction in Pakistan’s history.

A unique stipulation ensures unsuccessful bidders cannot join the airline’s management, although groups not involved in the auction, such as Fauji Fertiliser Company, may participate later.

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Reports of behind-the-scenes deals between Arif Habib and Lucky Cement surfaced but fell through after disagreements on splitting stakes. Government officials confirmed this was an informal interaction, not brokered by the authorities.

Officials and market observers hope the privatisation will attract substantial investment and revive the once-storied national airline.