Pakistan extends deadline to bid for national airline to June 19

Pakistan has extended the deadline for expressions of interest in purchasing Pakistan International Airlines (PIA) to June 19, the country's privatisation ministry said on Tuesday.

The earlier deadline was June 3. The ministry did not provide any reason for the extension and it did not disclose whether any expressions of interest had been submitted so far.

Pakistan has been seeking to sell a 51 per cent to 100 per cent stake in the debt-ridden carrier to raise funds and reform cash-draining state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.

Its failed attempt to privatise Pakistan International Airlines last year received a single offer well below the asking price of more than $300 million.

Pakistan has shifted almost all of the national carrier's legacy debt and liabilities to government books after issues raised by bidders led to the failure of the last privatisation attempt.

In April, the airline said it reported its first annual profit in more than two decades.