Pakistan International Airlines (PIA) has been acquired by a consortium led by Arif Habib Group, with plans to potentially purchase the remaining 25 percent stake within 90 days.
Speaking to a private media outlet a day after the national flag carrier was auctioned, Arif Habib, chairman of the Arif Habib Group and chief executive of Arif Habib Corporation Limited, said the group was initially interested in buying 100 percent of PIA.
“Our intention is there, and we have a 90-day window to exercise the option for the remaining 25 percent,” he added.
The auction, held on December 23, saw the Arif Habib Consortium emerge as the sole bidder after the process narrowed from three bidders to one.
The consortium purchased a 75 per cent stake in PIA for Rs135 billion, of which Rs10 billion will go to the government.
The remaining 25 per cent, if acquired, will cost Rs45 billion, with the full amount payable to the government rather than being invested in the airline.
Fauji Fertilizer Company has also joined the consortium, Arif Habib said. He outlined plans to expand PIA’s fleet, with 38 aircraft in the first phase and up to 64 in the second phase.
The chairman also highlighted the airline’s financial position, stating that it has liabilities of Rs190 billion and assets valued at Rs180 billion.
He added that the consortium aims to rebuild the airline and restore it as a strong national carrier, which, he said, would also benefit Pakistan’s economy.
Arif Habib confirmed that internal discussions within the consortium are ongoing, and a final decision regarding the acquisition of the remaining 25 percent will be made within the stipulated 90-day period.