Pakistan’s Privatisation Commission has pre-qualified four investor groups to proceed to due diligence for the sale of a 51-100% stake in loss-making Pakistan International Airlines, the government said after a board meeting on Tuesday. The shortlist includes a consortium of Lucky Cement and Hub Power Holdings; a group combining Kohat Cement and Metro Ventures; an alliance led by Arif Habib Corp with Fatima Fertilizer, City School and Lake City Holdings; and military-backed Fauji Fertilizer Company partnered with carrier Airblue. Privatisation Minister Muhammad Ali said the qualifying parties will conduct buy-side due diligence over the next two to two-and-a-half months, with binding bids and negotiations expected in the fourth quarter of 2025. The sale would mark Pakistan’s first major privatisation in nearly two decades and forms part of a US$7 billion International Monetary Fund programme aimed at reforming money-losing state enterprises. The commission also approved the transaction structure for the Roosevelt Hotel in New York, allowing for either an outright sale or a long-term lease under a joint-venture model. Islamabad expects an initial payment of more than US$100 million from the hotel deal later this year.