The consortium led by Arif Habib Corporation Limited (AHCL) has 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.
Management control is expected to be transferred on or before May 25, 2026, the First Closing Date announced by the Privatisation Commission, subject to the fulfilment of Conditions Precedent set out in the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026.
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 PKR 180 billion, comprising:
- A minimum of PKR 55 billion payable to the Government of Pakistan as divestment proceeds; and
- PKR 125 billion to be injected as fresh equity into PIACL to support the airline’s recapitalisation.
The planned equity injection will support fleet expansion and modernisation, route development, and improvements in customer service and operational systems.
The consortium comprises Arif Habib Corporation Limited (AHCL), Fatima Fertilizer Company Limited, Lake City Holdings (Pvt) Limited, The City School (Pvt) Limited, AKD Group Holdings (Pvt) Limited, and Fauji Fertilizer Company (FFC) Limited. The Privatisation Commission, the consortium, the Government of Pakistan, and PIACL are working jointly to fulfil the conditions precedent ahead of the First Closing.
