An Arif Habib-led consortium has taken a major step toward the privatisation of Pakistan International Airlines by setting up a new company named PIA Equity Ltd.
The newly formed entity will handle the acquisition process and future management of the airline. The consortium has already secured a 75 percent stake in PIA for Rs135 billion. The remaining 25 percent shares are expected to be purchased for around Rs45 billion, completing the full takeover.
To move the deal forward, the group has submitted a bank guarantee along with a standby letter of credit to the Privatisation Commission of Pakistan. These steps are part of the formal requirements to ensure financial commitment and transparency in the transaction.
The consortium includes several well-known business groups such as Fatima Fertilizer, AKD Group, Lake City Holdings, The City School, and Fauji Fertilizer Company.
Officials say the transition toward full private ownership is expected to be completed within 12 months. The move is part of broader efforts to improve efficiency, reduce financial losses, and bring professional management into the national airline.
However, concerns remain among employees regarding job security and future working conditions, making the process sensitive.
