ISLAMABAD: The consortium led by the Arif Habib Group has announced plans to acquire the remaining 25 per cent government stake in Pakistan International Airlines (PIA), thereby securing full control of the national flag carrier.
In December 2025, the group acquired a 75pc stake for Rs135 billion, with the goal of transforming the loss-making airline through operational restructuring, fleet expansion, and improved customer service. To ensure the success of its revival plan, the consortium now seeks to take full control of decision-making.
The acquisition will allow the consortium to implement management changes by the end of April. Shahid Ali Habib, CEO of Arif Habib Ltd, told Dawn that this will enable them to operate as a private entity, free from government-appointed board members.
“The change of sponsors is scheduled for late April or early May,” he added.
Consortium to acquire remaining 25pc stake for Rs45bn
The government has given the consortium a 90-day window to purchase the remaining shares, valued at approximately Rs45bn, with the deadline set for the end of April. The agreement, signed in January, allows a 12-month period to transfer funds, making the acquisition a viable option.
The winning consortium includes Fatima Fertiliser (34.1pc), Fauji Fertiliser (33.9pc), Lake City (16pc), and the City School with AKD (Aqeel Karim Dhedhi) Group (16pc). The new management, supported by Rs125bn, will have the financial flexibility to implement reforms, with the new board tasked with raising capital for PIA’s rebranding.
PIA was established in 1955 and became a public limited company in 2016 through the Pakistan International Airlines (Conversion) Act.
Following approval from the Securities and Exchange Commission of Pakistan (SECP) in May 2024, PIA was delisted from the stock exchange and became a wholly owned subsidiary of PIA Holding Company Ltd (PIAHCL), formed in March 2024 to oversee the airline’s privatisation.
Published in Dawn, February 15th, 2026
