The Arif Habib-led consortium has expressed interest in acquiring the remaining 25% stake in Pakistan International Airlines, according to sources familiar with the matter.
The Privatization Commission has received the consortium's green shoe option offer and is currently considering it. The move would give the group full 100% ownership of the national carrier, following its PKR 135 billion acquisition of a 75% stake in December 2025.
What stake does the Arif Habib consortium hold in PIA?
The consortium currently holds a 75% stake in PIA, acquired in December 2025 for PKR 135 billion. It has since offered PKR 45 billion to acquire the government's remaining 25% shareholding.
If completed, the transaction would bring total consideration to PKR 180 billion and transfer full ownership to private hands.
Who are the members of the Arif Habib PIA consortium?
The consortium bringing PIA into full private ownership comprises five partners. Fatima Fertilizer holds the largest share at 34.1%, followed by Fauji Fertilizer at 33.9%. Lake City Holdings holds 16%, with The City School and AKD Group together accounting for the remaining 16%.
Arif Habib Corporation leads the group, with prominent Pakistani businessman Arif Habib at the helm. The consortium's breadth across fertilizer, real estate, education, and financial sectors reflects the scale of commitment required to turn around a carrier burdened by debt and operational losses. Officials have described the interest in the remaining stake as a signal of growing investor confidence in the restructuring plan.
What is the deadline for acquiring PIA's remaining 25% stake?
The government gave the consortium a 90-day window in December to purchase the remaining shares, setting a deadline for the end of April. A separate agreement signed in January allows a 12-month period for funds to be transferred. The consortium's goal in seeking full control is to consolidate decision-making authority over PIA's turnaround.
The December 2025 acquisition was framed as a transformation exercise rather than a straightforward sale, with the government committing to reinvest 92.5% of proceeds into improving PIA's fleet and services.
The new owners have outlined plans to expand the fleet, restore international routes, and improve customer service. Eliminating government involvement in day-to-day management is central to their strategy for returning the airline to profitability.
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