Arif Habib group expresses interest in buying remaining stake in PIA

Chairman of the Arif Habib Group, Arif Habib, has said that his consortium is interested in purchasing the remaining 25 per cent stake in the national airline, Pakistan International Airlines (PIA), after successfully bidding for a majority share.

Speaking to the media, Arif Habib said the group had initially shown interest in acquiring 100 per cent ownership of the airline and now intends to buy the remaining shares.

He added that the consortium has a 90-day period to complete the process.

He said the government will receive Rs10 billion for the sale of 75 per cent shares, while the remaining 25 per cent stake is valued at Rs45 billion.

Arif Habib also confirmed that Fauji Fertilizer has joined the consortium. He said the group plans to increase the airline’s fleet, with the number of aircraft rising from 38 in the first phase to 64 in the second phase.

According to him, the national airline currently has liabilities of Rs190 billion, while its assets are valued at Rs180 billion.

He said efforts would be made to restore the airline’s performance, adding that a stronger PIA would also benefit Pakistan’s economy.

Following the successful Rs135 billion bid by the Arif Habib consortium on Tuesday, he said the privatisation would help promote investment in the country and attract foreign investors.

Arif Habib also praised the government for conducting a successful bidding process and credited the Privatisation Commission and the federal cabinet for completing the process transparently.