KARACHI (MNN); The Arif Habib Group has announced plans to purchase the remaining 25 percent stake in Pakistan International Airlines (PIA), a move that would place the national carrier fully under private ownership.
Group CEO Shahid Ali Habib said the consortium intends to complete the acquisition after securing regulatory approval, which is expected in April. The payment for the remaining shares is likely to be finalized within one year of formal clearance.
The announcement follows the group’s earlier acquisition of a 75 percent shareholding in December for nearly Rs135 billion. The remaining 25 percent stake is valued at around Rs45 billion, with the deadline for the transaction set for the end of April.
Industry sources noted that complete privatization would enable the airline to operate independently, without government-appointed board members, allowing for more efficient operational and financial decision-making.
The government initiated the privatization drive to revive the loss-making carrier, with objectives including reducing financial losses, expanding the fleet, improving safety standards, enhancing passenger services, and strengthening overall performance.
The investor consortium includes major corporate players such as Fatima Fertilizer, Fauji Fertilizer Company, Lake City, The City School, and AKD Group, reflecting significant private-sector involvement in the airline’s restructuring.
