PAKISTAN
The consortium led by Arif Habib Group has announced its intention to acquire the remaining 25 percent stake held by the Government of Pakistan in Pakistan International Airlines (PIA), a move that would give it full ownership and control of the national carrier.
Speaking to a British media outlet, Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, said the consortium has decided to proceed with the purchase of the outstanding shares. He stated that a formal decision is expected in April, with payment to be completed within the following 12 months.
According to Habib, once 100 percent ownership is secured, PIA will operate entirely as a private entity, free from government-nominated board members and direct state control.
In December last year, the Arif Habib-led consortium acquired 75 percent of PIA’s shares for Rs135 billion. The government’s privatization initiative aims to restructure the loss-making airline, expand its fleet, and improve passenger services to restore profitability.
Following the initial 75 percent sale, the government granted the consortium a 90-day window to exercise its option to acquire the remaining 25 percent stake, valued at approximately Rs45 billion. The deadline for this decision falls at the end of April. Under the agreement finalized in January, the consortium has a 12-month period to complete the financial settlement, making the transaction operationally viable.
The successful consortium comprises Fatima Fertilizer Company Limited (34.1 percent), Fauji Fertilizer Company Limited (33.9 percent), Lake City (16 percent), and a partnership between The City School and AKD Group (16 percent).
Habib noted that the airline’s turnaround strategy focuses on improving staff performance, upgrading ticketing systems, and enhancing safety and security standards. He emphasized that under full private ownership, PIA will be positioned to modernize operations and deliver improved services to passengers. – ERMD
READ MORE
China achieves first orbital-class sea-based rocket booster recovery
China on Friday successfully tested an experimental sea-based rocket recovery system, marking the country’s first…
Meta to Begin AI Chip Production in September, Targets Major Computing Expansion
Meta Platforms plans to begin production of its latest in-house artificial intelligence (AI) chip, code-named…
Pakistan, University of Illinois Chicago Explore Collaboration in Medical Research and Healthcare
Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal visited the University of Illinois…
UK Calls for Global AI Safeguards to Prevent Future Security Threats
Britain has called for urgent international action to establish safeguards for artificial intelligence (AI), warning…
Japan to Begin Driverless Public Bus Trials in Fiscal 2027
Japan will begin testing fully autonomous buses for public transportation from fiscal year 2027 as…
Pakistan Prioritises Port Modernisation, Blue Economy Under Maritime Reform Agenda
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has reaffirmed Pakistan’s commitment to modernising…