Arif Habib Consortium Secures PIA with Historic 135 Billion Rupee Bid

A consortium led by Arif Habib Corporation successfully bid 135 billion rupees to obtain a 75% stake in Pakistan International Airlines. The deal is expected to finalize by April, with the government receiving 10 billion rupees upfront and retaining a 25% stake. Fresh capital injects into the airline.

A consortium led by Arif Habib Corporation has secured a groundbreaking 75% stake in Pakistan International Airlines (PIA) with a winning bid of 135 billion rupees. The notable auction win marks a pivotal moment in the government's longstanding efforts to privatize the national flag carrier.

The privatization adviser to the prime minister, Muhammad Ali, confirmed the expected leadership transition by April next year, contingent upon the necessary approvals. The acquisition not only promises a significant cash inflow of 10 billion rupees to the government but also ensures the state retains a 25% stake in the airline.

This pivotal deal aims to inject fresh capital, a strategic move designed to revitalize PIA and stabilize its financial footing, thereby preventing potential collapse following the transfer of ownership. The final formalities, including approvals and contract signing, are anticipated in the coming weeks.

(With inputs from agencies.)