Mr Arif Habib has acquired a 75 percent stake in Pakistan International Airlines (PIA) for Rs135 billion after emerging as the highest bidder in the live privatisation process held on Tuesday in Islamabad.
The consortium also holds an option to purchase the remaining 25 percent shares within the next 90 days.During the live bidding, the Arif Habib Consortium outbid its closest rival, the Lucky Consortium, which offered Rs134 billion for the same stake.
The competitive bidding marked a significant milestone in the government’s long-awaited privatisation of the national flag carrier.In the second phase of the privatisation process, the Arif Habib Consortium again secured the lead by offering Rs121 billion, while the Lucky Consortium bid Rs120.25 billion and requested an additional 30 minutes to revise its offer.
Despite the extension, the Arif Habib Consortium maintained its top position.Earlier, during the first phase of bidding, the Lucky Consortium had offered Rs101.5 billion, Airblue Consortium Rs26.5 billion, and the Arif Habib Consortium Rs115 billion, placing it ahead of all competitors from the outset.
Officials said the privatisation process was conducted transparently through live bidding, with the government aiming to reduce financial losses, improve operational efficiency, and attract private investment into the struggling national airline.The transaction is expected to be finalised after the completion of regulatory approvals and fulfilment of contractual obligations.
