Metro53 - ISLAMABAD: In a significant development in the privatisation of Pakistan International Airlines, an Arif Habib Group-led consortium has acquired 100 per cent ownership of the national carrier, according to reports on Tuesday.
Citing sources, ARY News reported that the consortium deposited Rs45 billion for the remaining 25pc stake, completing the acquisition process. The group had earlier purchased 75pc shares for Rs135bn, paving the way for full control of the airline.
A spokesperson for the consortium said the payment was accompanied by a bank guarantee of Rs45bn, as required under the terms of the agreement. All financial instruments, including letters of credit and standby arrangements, have been submitted to the Privatisation Commission.
The consortium comprises several major business entities, including Fauji Fertilizer Company, Lake City Holdings, Fatima Group, Arif Habib Limited, The City School, and AKD Group.
Under the privatisation agreement, the consortium had the option to acquire the remaining shares, which it has now exercised ahead of the April 28 deadline. Officials said the group is expected to assume formal operational control of PIA in May.
The development marks a major milestone in the government’s efforts to restructure and privatise loss-making state-owned enterprises, with authorities expressing optimism that private management will help revive the airline’s performance and financial viability.
