Reps of Arif Habib Consortium meet to discuss PIA’s restructuring

Representatives of Arif Habib Consortium held a meeting on Thursday to discuss the restructuring of the Pakistan International Airlines (PIA), reported 24NewsHD TV channel.

There was an exchange of views over increasing collaboration between the national flag carrier and other airlines.

All stakeholders agreed to make the PIA one of the world’s best airlines.

Representatives of Fauji Foundation, Arif Habib, Lake City Holdings, City School and Fatima Group attended the meeting.

PIA Board members were also in attendance.

Three weeks ago, in a landmark development, the federal government privatized a majority stake in the Pakistan International Airlines (PIA) as Arif Habib Corporation Limited–led consortium acquired 75 percent shares of the national flag carrier with the highest bid of Rs135 billion.

The deal worth Rs135 billion ($485 million) was finalized following a televised auction in the federal capital. 

Initially, three bidders including Arif Habib consortium, Lucky Cement consortium and private airliner Airblue participated in the bidding process. 

In the first phase, Lucky Cement put up a bid of Rs101.5 billion, Airblue Rs26.5bn, and the Arif Habib consortium bid Rs115 billion. Later, two bidders Arif Habib consortium and Lucky Cement consortium were left in the race.

The second round started with the base price of Rs115 billion. The round concluded with Lucky Cement has upward revised Rs120.25 billion.

Later, Arif Habib, in response, revised its bid to Rs121 billion. Following Arif Habib’s revised bid, Lucky Cement opted for a 30-minute.

In the second round, Lucky Cement revised its bid to Rs134bn, while in response, Arif Habib revised its bid to Rs135bn, following which Lucky Cement conceded and congratulated Arif Habib on securing the national carrier bidding.