KARACHI: The consortium led by Arif Habib Corporation Limited has notified the Privatization Commission of its intent to acquire the remaining 25% equity stake in Pakistan International Airlines Corporation Limited (PIACL), paving the way for full private-sector ownership of the national carrier.
The PIA Holding Company Limited disclosed this development through a notice to the Pakistan Stock Exchange (PSX) on Monday.
The consortium has formally notified the Privatization Commission of its intent to exercise the call option for the remaining stake, in line with the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026.
Management control of the airline is expected to transfer on or before May 25, 2026, designated as the ‘First Closing Date’, subject to the fulfilment of conditions precedent outlined in the agreement.
The notice of intent has been accompanied by a standby letter of credit, with the acquisition to be executed in accordance with the SPSA terms.
The total transaction value is estimated at approximately Rs180 billion, including at least Rs55 billion payable to the government as divestment proceeds and around Rs125 billion to be injected into the airline as fresh equity.
The planned capital injection is aimed at supporting fleet expansion and modernisation, improving operational systems, enhancing customer service, and developing new routes.
The consortium includes Fatima Fertilizer Company Limited, Lake City Holdings (Private) Limited, The City School (Private) Limited, AKD Group Holdings (Private) Limited and Fauji Fertilizer Company Limited.
Stakeholders said they are working jointly to meet the required conditions ahead of the first closing.
The development follows an earlier disclosure regarding the ongoing privatisation process of PIA’s parent entity, with the latest update shared through PUCARS in compliance with regulatory requirements.
