Metro53 - Karachi (Web Desk):A consortium led by the Arif Habib Group has announced its decision to purchase the remaining 25 percent shares of Pakistan International Airlines. Following this development, the national flag carrier will come completely under private ownership, with its management and operations fully transferred to the private sector
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According to Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, the consortium has, in principle, decided to acquire the remaining government-held shares. He stated that a final decision is expected in April, while payments under the agreement will be completed over the next twelve months. After the acquisition of 100 percent shares, the airline will operate entirely as a private entity and will be free from government-nominated board members.
It is recalled that in December last year, the consortium acquired 75 percent of PIA’s shares for Rs135 billion. The government’s privatization initiative aimed to restructure the loss-making national airline, expand its aircraft fleet, and improve passenger services in order to make the organization profitable.
Following the sale of 75 percent shares, the government had granted a 90-day period for the purchase of the remaining 25 percent shares, valued at approximately Rs45 billion. Under the agreement, the payment period has been set at twelve months, which is being described as feasible for investors.
The successful consortium includes Fatima Fertilizer (34.1 percent), Fauji Fertilizer Company (33.9 percent), Lake City (16 percent), and The City School along with the AKD Group (collectively 16 percent).
Shahid Ali Habib said that PIA’s improvement plan includes staff training, upgrading the ticketing system, enhancing flight standards, and aligning safety and security arrangements with international benchmarks. He added that under private management, the airline will be stabilized on a competitive basis and passenger confidence will be restored.
