Business Desk 
Dec 23, 2025
A Pakistan International Airlines (PIA) plane prepares to take off at Allama Iqbal International Airport in Lahore. — Reuters
The Arif Habib consortium won a 75% stake in Pakistan International Airlines Corporation Limited (PIACL) on Tuesday with a successful bid of Rs135 billion, marking Pakistan’s first major privatisation deal in nearly two decades.
The open auction process began in the morning with three prequalified bidders participating, namely Lucky Cement, Airblue, and the Arif Habib consortium.
PIA privatisation
Airblue withdrew itself in the initial round by submitting an offer of Rs26.5 billion, which was lower than the reference price decided by the authorities.
In the first bid, Lucky Cement bid Rs101.5 billion, but the lead bid was taken by the Arif Habib conglomerate for Rs115 billion. A request for a 30-minute hiatus was put forward by Lucky Cement, and the bid was resumed after that with a new reference price of Rs125 billion.
During this resumed meeting, the Lucky Cement Company placed a higher bid worth Rs120.25 billion, whereas Arif Habib placed a Rs121 billion bid.
The second round of the auction started with a base price set at Rs115 billion, based on the highest tender from the previous round. A minimum hike of Rs250 million was needed for every new bid.
The bidding process continued until the Arif Habib consortium placed a bid for the final offer of Rs135 billion, and the consortium clinched the deal and control of the national airline.
According to officials, this result marks the beginning of a new chapter for PIA, as the airline has been struggling for the last few years.
As per reports from the government, 92.5% of the sale proceeds are to be reinvested and 7.5% for the government. The successful bidder consortium also retains the right to bring two additional parties into their fold as a result of the acquisition transaction.
