Business Desk 
May 01, 2026
Arif Habib Corporation Limited (AHCL) has officially notified the Privatisation Commission of its intent to acquire the remaining 25% equity stake in Pakistan International Airlines Corporation Limited (PIACL), paving the way for full private-sector ownership of the national carrier.
As per a press release, the notice of intent to acquire the remaining 25% equity stake (call option) has been accompanied by the requisite standby letter of credit and will be exercised in accordance with the terms of the SPSA.
"Total private-sector investment in the transaction is expected to amount to approximately Rs180bn, comprising a minimum of Rs55bn payable to the Government of Pakistan as divestment proceeds, and Rs125bn to be injected as fresh equity into PIACL to support the airline’s recapitalisation," it said.
Arif Habib-led group won a 75% stake in the national flag carrier for Rs135 billion ($484 million) in Dec., in a bid to take control of the airline struggling for decades with operational inefficiencies, an ageing fleet, losses and political intervention. The bidding group also includes Fatima Fertiliser Co, Fauji Fertiliser Co and AKD Group.
The planned equity injection would support fleet expansion and modernisation, route development, and improvements in customer service and operational systems, the statement added.
