PIA privatisation: Arif Habib-led consortium awaits cabinet nod after Rs135bn offer

Arif Habib Corporation Limited (AHCL) on Wednesday confirmed that a consortium led by it has emerged as the highest-ranked bidder in the privatisation process of Pakistan International Airlines Corporation Limited (PIACL), after submitting a bid of Rs135 billion for the step-wise acquisition of a 75 % equity stake.

The acquisition is subject to requisite approvals, including those of the Privatisation Commission and the federal cabinet, AHCL informed its stakeholders via a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“We are pleased to inform you that the consortium led by Arif Habib Corporation Limited (AHCL), comprising Fatima Fertilizer Company Limited, The Lake City Holdings (Private) Limited, AKD Group Holdings (Private) Limited and City Schools (Private) Limited, has participated in the bidding process for the privatisation of Pakistan International Airlines Corporation Limited (PIACL) held on 23rd December 2025.

“The AHCL-led consortium has been declared the highest-ranked bidder after submitting a bid price of Rs135 billion for the step-wise acquisition of 75% equity stake in PIACL, in accordance with the applicable transaction documents,” read the notice.

The company shared that in line with the privatisation process, confirmation of acceptance of the bid price remains subject to the requisite approvals, including approvals and recommendations of the Board of the Privatisation Commission and the decision of the Government of Pakistan / federal cabinet.

“Upon receipt of such approvals, a letter of acceptance shall be issued declaring the successful bidder,” it added.

A consortium led by AHCL on Tuesday emerged as the winning bidder for the acquisition of a 75% stake in Pakistan International Airlines (PIA), submitting a top bid of Rs135 billion —35% above the government’s reference price—and committing to invest an additional Rs80 billion over the next five years.