Arif Habib Consortium's $482 Million Triumph in PIA Privatisation

The Arif Habib Corporation-led consortium secured a 75% stake in Pakistan International Airlines with a bid of $482 million, the country's first major privatisation in two decades. This marked a significant step in Pakistan's broader reform efforts following an IMF bailout.

In a significant development, a consortium led by Arif Habib Corporation emerged victorious in bidding for a 75% stake in Pakistan International Airlines (PIA) with their 135 billion Pakistani rupees ($482.32 million) offer. This marked progress in the long-overdue privatisation of the national carrier.

This auction represents the Pakistan government's second attempt in restructuring PIA, as part of broader reform measures after acquiring a $7 billion bailout from the IMF. The previous sale attempt in 2022 only attracted a $36 million bid from Blue World City.

The privatisation move is part of broader goals to refurbish state-owned enterprises, with Pakistan aiming to revive PIA's operations backed by private initiatives. Recent positive developments include PIA posting pre-tax profits and lifted bans from Britain and the EU, contributing to its increased valuation.

(With inputs from agencies.)