Pakistan International Airlines (PIA) will transition to new management in April 2026, subject to approvals, with fresh capital injected via privatization, Prime Minister’s Adviser on Privatisation Muhammad Ali announced Wednesday.An Arif Habib Corporation-led consortium won Tuesday’s televised auction with a Rs135 billion bid for 75% stake—surpassing the Rs100 billion reserve—marking a breakthrough after last year’s failed attempt. The group includes Fatima Fertilizer, City Schools, and Lake City Holdings; Fauji Fertilizer could still join as a partner, adding up to two qualified entities like foreign airlines for stability and expertise.Government receives Rs10 billion cash plus a 25% stake worth Rs45 billion, structured to fund revival rather than just sell off: “We didn’t want to pocket the money and watch it fail,” Ali told Reuters. Next: board/cabinet nods in days, contract in two weeks, 90-day financial close.Safeguards include earnest money retention for fallback to runner-up Lucky Cement. Buyers must retain all staff for one year under current terms, amid IMF scrutiny of state firm reforms. Success bolsters Pakistan’s reform credibility; more privatisations follow.
PIA Set for New Ownership by April Pending Approvals, PM Adviser Confirms
