The Arif Habib Corporation Limited-led consortium has officially notified the Privatisation Commission of its intent to acquire the remaining 25% equity stake in Pakistan International Airlines Corporation Limited (PIACL). This move is set to complete the transition to full private-sector ownership of the national carrier.
In December, the consortium, which includes Fatima Fertiliser Co, Fauji Fertiliser Co, and AKD Group, secured a 75% stake for Rs135 billion ($484 million). The acquisition aims to address longstanding challenges such as operational inefficiencies, an ageing fleet, and political interference.
According to the Privatisation Commission’s press release, the intent to acquire the remaining stake is backed by a standby letter of credit and will proceed under the terms of the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026.
The total private-sector investment in the transaction is projected to reach approximately Rs180 billion. This includes a minimum of Rs55 billion payable to the Government of Pakistan as divestment proceeds, with Rs125 billion earmarked for PIACL’s recapitalisation, supporting fleet expansion, route development, and customer service enhancements.
Management control is expected to transfer by May 25, 2026, contingent on fulfilling the Conditions Precedent outlined in the SPSA. This marks a significant step in the privatization process, potentially revitalizing the airline’s operations and financial health.
Published in SouthAsianDesk, May 1, 2026
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