"After seven decades as Pakistan's state airline, the government sold a majority stake in Pakistan International Airlines (PIA) earlier this week for $482m in a publicly televised auction, ending years of failed privatisation attempts. Arif Habib Limited (AHL), a Karachi-based securities brokerage, led the winning consortium, which includes AKD Group Holdings Limited, fertiliser manufacturer Fatima Fertilizer, private school network City Schools, and real estate firm Lake City Holdings Limited."
"Following the successful bid, Fauji Fertilizer Company Limited (FFC), a military-owned and publicly listed company, also joined the consortium. The group faced competition from a rival consortium led by Lucky Cement, as well as Air Blue, a private airline. The auction, widely publicised and broadcast live by the government, marked the second formal attempt to privatise PIA. A previous effort in October 2024 collapsed when a single bid of $36m from a private real estate firm fell far short of the government's $305m floor price."
Pakistan International Airlines was sold in a publicly televised auction for $482m to a consortium led by Arif Habib Limited that includes AKD Group, Fatima Fertilizer, City Schools, and Lake City Holdings. Military-owned Fauji Fertilizer Company later joined the winning group. Bidding involved three parties competing for a 75 percent stake and lasted about 90 minutes in Islamabad. The government restructured PIA by transferring over $2.3bn of long-term liabilities into a separate entity to attract investors. The privatisation followed IMF pressure under a $7bn loan programme and a prior failed bid in October 2024.
Read at www.aljazeera.com
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