Arif Habib Consortium Buys PIA for Rs135 Billion Deal

Arif Habib Consortium buys PIA for Rs135 billion in the final stage of the privatization process. The group secured 75 percent shares of the national airline.

The consortium placed the highest bid of Rs135 billion in the third phase. It beat all competitors and won the deal successfully.

Lucky Consortium came second with a bid of Rs134 billion.

Earlier, in the first phase, Lucky Consortium offered Rs101.5 billion. Airblue placed a bid of Rs26.5 billion. Arif Habib Consortium led the round with a top offer of Rs115 billion.

Read Also: National Airline Privatization First Phase Completed

In the second phase, Lucky Consortium raised its bid to Rs120.25 billion. Arif Habib Consortium responded with Rs121 billion and stayed ahead.

Speaking on the occasion, Arif Habib said Pakistan achieved a major win today. He said his group will work hard to make PIA great again.

Read Also: PIA Privatization Bid: Arif Habib Consortium Offers Rs121bn

The adviser to the Privatization Commission, Muhammad Ali, said the airline’s privatization is part of a reform agenda. He said the government does not want to sell PIA just to exit. It wants to restore the airline and make it financially stable.

He added that privatization will bring fresh investment into the country. He said 92.5 percent of the sale amount will go toward improving PIA.

Muhammad Ali also said two-thirds of the payment will be made upfront. The remaining amount will be paid later. He confirmed that bidders can add two partners after the bidding process.

Arif Habib Consortium buys PIA as a key step toward reviving the national airline and strengthening Pakistan’s aviation sector.