Arif Habib‑Led Group to Gain Full Control of PIA
The Arif Habib‑led consortium is set to acquire the remaining government stake in Pakistan International Airlines, giving it full control and enabling sweeping management and modernization reforms.
In a major shift for Pakistan’s aviation sector, a consortium led by the Arif Habib‑affiliated Arif Habib Group is poised to take complete ownership of Pakistan International Airlines (PIA), one of the country’s most iconic but long‑troubled institutions. After initially purchasing a 75 per cent stake in the national carrier last year, the group now plans to acquire the remaining 25 per cent government share, clearing the way for full control and ushering in what supporters hope will be a new era of modernization and profitability.
The move represents the culmination of a privatisation process that began in earnest in 2025, when the Arif Habib‑led consortium successfully bid for the majority stake in PIA with an offer of approximately Rs 135 billion. At the time, the government hailed the privatisation as a historic step in shedding the airline’s decades‑long financial woes. The remaining shares — still owned by the federal government — are now being offered to the consortium for around Rs 45 billion under terms that give the investor group roughly 90 days to complete the purchase.
Shahid Ali Habib, CEO of Arif Habib Ltd, said the acquisition of the remaining 25 per cent stake is expected to be finalized by late April or early May, enabling the group to operate PIA as a fully private entity. This would allow the new owners to remove government‑appointed board members and implement far‑reaching management changes.
For years, PIA had struggled with financial losses, operational inefficiencies, and mounting liabilities. It had become a symbol of the challenges facing state‑owned enterprises in Pakistan, with repeated government bailouts failing to stem declines in service quality and competitiveness. Privatization advocates argue that private ownership will bring the professional management, capital investment, and strategic vision necessary to turn the airline around.
Critics of the deal, however, have raised questions over the sale structure and the handling of PIA’s significant debts. Some legal challenges were filed around the initial privatisation, with petitioners arguing that the move violated constitutional provisions governing the sale of federal assets. Regardless of these disputes, the government pressed ahead, and the transaction went through late last year.
The full acquisition plan comes at a time when the new owners are already laying out ambitious plans for PIA’s future. According to reports, the consortium has discussed expanding the airline’s fleet significantly and improving route networks, including the resumption of key international services such as direct flights to Europe. There are also indications that the group may explore listing the airline publicly through an initial public offering (IPO) within a year of assuming full control, further enhancing market discipline and access to capital.
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Composition of the consortium reflects a broad base of corporate participation. Alongside the Arif Habib Group, partners include heavyweights like Fatima Fertiliser and AKD Group, as well as Fauji Fertiliser Company, which has become one of the largest shareholders in the enterprise. Collectively, these investors bring financial resources and strategic expertise that analysts hope will contribute to a sustained turnaround for the airline.
Supporters of privatisation say the move could unlock new efficiencies and allow PIA to compete more effectively with regional rivals, many of which have vastly superior service records and capital structures. A fully private PIA would theoretically be more responsive to market demands, better positioned to modernize its fleet, and freer to partner with other carriers on strategic international routes.
There are also broader economic implications. A revitalised PIA could help Pakistan expand its aviation footprint, support tourism growth, and generate jobs both directly and indirectly through improved connectivity. Investors and supporters alike are watching closely, optimistic about the possibilities but aware of the challenges inherent in transforming a legacy airline.
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As the deadline for the final stake purchase approaches, all eyes will be on Islamabad and the new owners to see whether they can navigate regulatory hurdles and deliver on promises of reform. If successful, the full transfer of control to the Arif Habib‑led group will mark one of the most significant privatisation moves in Pakistan’s recent economic history, setting the stage for a potential rebirth of the country’s flag carrier after years of uncertainty.
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Fiaz Ahmed
I am Fiaz Ahmed. I am a passionate writer. I love covering trending topics and breaking news. With a sharp eye for what’s happening around the world, and crafts timely and engaging stories that keep readers informed and updated.
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