A successful bid of Rs135bn by Arif Habib won the auction for Pakistan International Airlines Corporation Ltd (PIAC) after the process moved to an open auction round at a ceremony in Islamabad, marking the country’s first major privatisation in nearly two decades.
The Arif Habib Consortium acquired 75 percent shares of the national airline by submitting a successful bid of Rs135 billion in the third phase of the privatization process.
Speaking on the occasion, Arif Habib said that the privatization marks a win for Pakistan and will help promote further investment in the country.
He said PIA is a national institution that has seen many successful years and will also create more employment opportunities in the future.
Arif Habib stated that the PIA workforce would be given confidence, adding that the staff is highly capable and that PIA once ranked second in the world.
He said fresh investment in the company would help resolve its issues. In the first phase, the number of operational aircraft will be increased to 38, and later expanded to 64.
He added that further increases will be considered based on demand. The consortium plans to fully utilize employees’ skills, and expansion of operations will lead to the creation of new job opportunities.
Read more: Arif Habib consortium wins PIA Privatisation bid for Rs135 Billion
