PIA Privatization officially handover to Arif Habib consortium. Pakistan International Airlines (PIA) has officially been handed over to the consortium led by Arif Habib Corporation. A major step in the government’s ongoing privatization drive. The transaction documents were signed today by representatives of the Government of Pakistan and the consortium. Which formalized the transfer of the national flag carrier.
The Arif Habib-led consortium will now be responsible for reviving the airline’s operations. This modernizing its fleet, and implementing a turnaround strategy to restore profitability and competitiveness in both domestic and international markets. The Arif Habib-led consortium intends to expand PIA’s fleet to 38 aircraft from the current 18. And hire new and skilled personnel to support operations. The new owners are also not allowed to fire employees for one year. Existing staff will be assessed on performance during this period and retained accordingly.
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The new ownership structure includes Arif Habib Corporation and Fatima Fertilizer Limited with a combined 25 percent stake. Fauji Fertilizer Company Limited with 25 percent, and another 25 percent held jointly by AKD Group, City Schools and Lake City Holdings.All this is happening after the federal government last month sold a 75 percent stake in PIA for Rs. 135 billion to appease the International Monetary Fund.
According to officials, the handover was completed after all regulatory and contractual requirements were fulfilled. The consortium will now take management control of the airline, with expectations of operational restructuring, financial stabilization, and improved service standards. Sources close to the deal stated that the new owners plan to introduce governance reforms, optimize routes, and focus on customer experience. However, they acknowledged that turning around the airline would require time and careful handling of workforce and operational issues.