Karachi: In a significant development for Pakistan’s aviation sector, a consortium led by Arif Habib Corporation Limited has formally announced its intent to acquire the remaining 25% equity stake in Pakistan International Airlines Corporation Limited (PIACL). This move is poised to transition the national carrier to full private-sector ownership, as confirmed in a statement released on May 4, 2026.

The ongoing privatization process, first disclosed on December 24, 2025, is set to conclude with the transfer of management control to the consortium on or before May 25, 2026. This transfer is contingent upon the satisfaction of conditions outlined in the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026. The consortium’s notice of intent, accompanied by a Standby Letter of Credit, marks a critical step towards the fulfillment of these conditions.

According to information available from the Pakistan Stock Exchange (PSX), the total investment in the transaction is projected to reach approximately PKR 180 billion. This includes a minimum payment of PKR 55 billion to the Government of Pakistan as divestment proceeds, alongside a fresh equity injection of PKR 125 billion into PIACL. The capital injection aims to support fleet expansion, route development, and enhance customer service and operational systems.

The consortium comprises several key stakeholders, including Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, Lake City Holdings (Pvt) Limited, The City School (Pvt) Limited, AKD Group Holdings (Pvt) Limited, and Fauji Fertilizer Company Limited. These entities are collaborating closely to meet the conditions precedent ahead of the designated First Closing Date. This strategic move places PIACL in the designated market category of privatization efforts within Pakistan’s aviation industry.