Islamabad Dec 23: The Arif Habib Consortium has successfully acquired Pakistan International Airlines (PIA) for Rs 135 billion as part of the privatization process. The consortium won the bid in the third phase, securing 75 percent shares of the national airline.
Advisor to the Privatization Commission, Muhammad Ali, said that the privatization of PIA is part of the government’s reform agenda. He clarified that the government’s aim is not merely to sell the airline but to make it financially stable and operationally efficient. He added that privatization would help attract investment into the country.
According to the Privatization Commission, 92.5 percent of the proceeds from the bid will be spent on improving PIA. The payment structure allows two-thirds of the amount to be paid upfront, while the remaining one-third will be paid later. Bidders have also been allowed to include up to two additional partners after winning the bid.
In the first phase of bidding, Lucky Consortium offered Rs 101.5 billion, Airblue offered Rs 26.5 billion, while Arif Habib Consortium submitted the highest bid of Rs 115 billion.
In the second phase, Lucky Consortium increased its bid to Rs 120.25 billion, while Arif Habib Consortium raised its offer to Rs 121 billion, eventually winning with a final bid of Rs 135 billion.