A consortium led by Arif Habib Corporation has formally informed the Privatisation Commission of its plan to purchase the remaining 25% stake in Pakistan International Airlines Corporation Limited, clearing the path for complete private ownership of the national airline.
In a notification submitted to the Pakistan Stock Exchange on Monday, the airline confirmed that the consortium has exercised its intent to acquire the outstanding shares of PIACL. This move is expected to result in full transfer of management control by May 25, 2026.
“The management control is expected to be transferred on or before May 25, 2026, the ‘first closing date’ announced by the Privatisation Commission, subject to the fulfilment of conditions precedent set out in the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026,” read the notice.
The filing also stated that the call option is backed by a Standby Letter of Credit as required.
The overall transaction is valued at approximately Rs180 billion. Of this, at least Rs55 billion will go to the Government of Pakistan as proceeds from divestment, while Rs125 billion will be injected into PIACL as fresh capital to support restructuring efforts.
“The planned equity injection will support fleet expansion and modernisation, route development, and improvements in customer service and operational systems,” read the notice.
The investor group includes Fatima Fertilizer Company Limited, Lake City Holdings, The City School, AKD Group Holdings, and Fauji Fertilizer Company Limited.
Previously, the consortium had acquired a 75% stake in PIA for Rs135 billion. It had committed Rs125 billion for reinvestment into the airline, while the government received Rs10 billion from that earlier transaction.
