Arif Habib vows to restore PIA's lost pride

Renowned businessman Arif Habib has stated that the privatisation of Pakistan International Airlines (PIA) has been completed transparently, and new investment will be introduced into the national airline.

Following the Arif Habib Consortium’s acquisition of 75% of PIA’s shares for Rs135 billion, he indicated that the investment will enable PIA to provide better services to its customers.

He added that transparent privatisation will increase confidence among foreign investors, restore PIA’s previous reputation, and rebuild public and investor trust in the airline.

Arif Habib concluded that this marks a victory for Pakistan, with PIA entering a new era of growth, opening avenues for investment, and generating employment opportunities.

The bidding process began earlier in the day with sealed offers from three pre-qualified parties: Lucky Cement consortium, private airline AirBlue, and investment firm Arif Habib. AirBlue dropped out after the initial round as its bid fell below the government’s reference price of Rs100 billion.

During the first round, Lucky Cement submitted an offer of Rs101.5 billion, AirBlue bid Rs26.5 billion, while the Arif Habib consortium offered Rs115 billion, the highest at that stage.

Following the approval of the reference price by the Privatisation Commission Board and the Cabinet Committee on Privatisation, the process moved to an open auction.

A 30-minute pause was taken to allow the leading bidders to consult before the second round began.

The next round opened with a base price of Rs115 billion, later revised to Rs125 billion, with a minimum bid increment of Rs250 million.

Lucky Cement increased its offer to Rs134 billion, after which Arif Habib raised its bid to Rs135 billion. Lucky Cement then withdrew and congratulated Arif Habib on winning the bid.