Arif Habib says no final decision yet on buying PIA’s remaining 25% shares

Karachi: Businessman Arif Habib has said that no final decision has yet been made regarding the purchase of Pakistan International Airlines (PIA) remaining 25% shares.

The Arif Habib Consortium has officially acquired a 75% stake in PIA after winning the privatisation bid with an offer of Rs135 billion, ARY News reported.

The consortium has also expressed interest in acquiring the remaining 25% shares of the national carrier. However, speaking on an ARY News programme, Arif Habib clarified that a final decision on purchasing 100% ownership of PIA has not yet been taken.

He said the so far new owners were focused on finalising their bid strategy and developing a comprehensive business plan. Based on this plan, consultations have been held with international advisors on measures to revive the airline.

“We now have a 90-day time period. During this time, we will carefully review all aspects and then make a final decision on whether to acquire 100% ownership of PIA or not,” he added.

Earlier, it was reported that the group is set to purchase the remaining 25% stake within the next three months (90 days). Upon completion of this transaction, PIA will become a fully private entity. The sale of the final 25% share is expected to generate an additional Rs 45 billion for the government.