In a major development in the privatization of the PIA, the Arif Habib Consortium, an agglomeration of Fauji Fertilizers, Lake City, Arif Habib Limited, City School, AKD and Fatima Group, has bought 100 per cent shares in the airline, reported 24NewsHD TV channel.
According to the spokesman for the consortium, the amount for the purchase of remaining 25 per cent shares was deposited on Tuesday.
A bank guarantee of Rs45 billion was also deposited in light of the agreement.
The spokesman said that the consortium, which already owned 75 per cent shares, had the option to purchase the remaining 25 per cent shares.
The consortium is expected to take over the national flag carrier in May.
In a landmark development on part of the federal government’s privatization plans, the government December 24, 2025 privatized a majority stake in the Pakistan International Airlines (PIA) as Arif Habib Corporation Limited–led consortium acquired 75 percent shares in the national flag carrier with the highest bid of Rs135 billion.
Initially, three bidders, namely Arif Habib consortium, Lucky Cement consortium and private airliner Airblue participated in bidding for the airline’s privatization.
In the first phase, Lucky Cement had 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.
Reporter: Waqas Azeem