Arif Habib Consortium Buys 75% Stake in PIA for Rs135bn

The privatization process of Pakistan International Airlines (PIA) has been completed after the Arif Habib Consortium submitted the highest successful bid of Rs135 billion to acquire a 75 percent stake in the national carrier. The consortium comprises five major business groups, including Arif Habib Group, Karim Reddy Securities, Lake City Group, Fatima Group, and The City School. Industry bodies congratulated Gohar Ejaz on the successful transaction, praising the consortium’s efforts, including the hiring of an internationally renowned US-based consultancy firm that advises thousands of global flights. The new owners have pledged to restore PIA’s lost reputation, restructure its operations, improve management efficiency, and transform the airline into a profitable entity, with a long-term vision of repositioning PIA among the world’s leading airlines.