KARACHI: The federal government is set to transfer ownership of Pakistan International Airlines to a new consortium later this month, with May 25 emerging as the expected handover date.
A formal communication sent by PIA Holding Company Limited to the stock exchange said that the national flag carrier would be handed over to the Arif Habib-led consortium by the stipulated deadline.
The Privatisation Commission would announce the first closing date as part of the process.
The letter stated that the consortium has also acquired the remaining 25% shares of PIA, completing its stake in the airline.
However, the transfer will be subject to the fulfilment of conditions precedent outlined in the agreement, which the Privatisation Commission is tasked to implement.
Under the agreement, the consortium has purchased PIA for Rs180 billion. Of this amount, Rs55 billion will go to the government, while Rs125 billion will be injected into the airline as fresh equity.
As per the deal, the new management will not be allowed to lay off any employees for a period of one year.
Meanwhile, the schedule and agenda of an important meeting of PIA’s board of directors have also been revised. The meeting will now be held on Friday, May 8, in Islamabad, instead of the earlier date of April 30.
The updated agenda includes a review of the airline’s financial accounts for the first nine months of 2025.
Sources said that approval of these accounts is a key requirement for completing the privatisation process.
