Islamabad: The Arif Habib Consortium has successfully acquired Pakistan International Airlines through a bid of Rs135 billion, securing a 75 percent stake in the national carrier as part of the privatization process.
According to details, the Arif Habib Consortium submitted the highest bid of Rs135 billion in the third round of bidding for the privatization of the national airline, enabling it to acquire a majority shareholding in PIA.
In the same bidding round, the Lucky Consortium remained second with a bid of Rs134 billion. Earlier, during the first phase of bidding, the Lucky Consortium had offered Rs 101.5 billion, while Airblue submitted a bid of Rs 26.5 billion. In that phase, the Arif Habib Consortium Group had placed the highest bid of Rs115 billion.
During the second phase, the Lucky Consortium increased its bid to Rs120.25 billion, while the Arif Habib Consortium submitted a revised bid of Rs121 billion.
Privatization Commission Adviser Muhammad Ali said that the privatization of the national airline is part of the government’s reform agenda, adding that the objective is not merely to sell the airline but to put it back on a sustainable footing, while the privatization process is expected to attract investment into the country.
According to the Privatization Commission adviser, the government aims to restore the national airline to its former standards, and 92.5 percent of the proceeds from the bidding process will be spent on improving the airline.
He further stated that two-thirds of the payment can be made upfront, while one-third will be paid later, adding that bidders have also been allowed to include two additional parties after the bidding process.
