Toggle Side Panel
Close search

PIA Management Transferred to Investor Consortium in Rs 180 Billion Deal

pakistan-news
Pakistan News Desk June 29, 2026
First Published 8 hours ago
🔴 Live Update 3 hours ago8 Updates by 7 sources

The Government of Pakistan on Monday transferred management control of Pakistan International Airlines Corporation Limited (PIACL) to an investor consortium led by Arif Habib Corporation Limited, following the first financial closing of the airline’s privatisation.

The Privatisation Commission confirmed the transfer after all conditions under the Share Purchase and Subscription Agreement were met. As part of the first closing, the consortium paid Rs10 billion to the government and injected Rs80 billion into PIACL as fresh equity.

The entire transaction, finalised through bidding on December 23, 2025, carries a total investment commitment of Rs180 billion. This includes Rs55 billion for the government’s stake and Rs125 billion in fresh capital for the airline. The new funds are intended to support fleet expansion and modernisation, expand the route network, and improve operations.

The consortium, which also includes Fatima Fertilizer Company, Fauji Fertilizer Company, Lake City Holdings, The City School, and AKD Group Holdings, is scheduled for a second financial closing within 12 months, which will involve an additional Rs45 billion injection into PIACL. The group has also exercised a call option to acquire the remaining 25% stake in the airline for another Rs45 billion.

The new management stated its commitment to transforming PIA into a modern, premium, and world-class airline, aiming to win public trust through sustained performance.

📍 Latest Updates

Updated: 11:46 PM PKT — June 29, 2026

The investor group that has taken management control of Pakistan International Airlines Corporation Limited (PIACL) has been identified as the EquitY Limited consortium, according to available reports on June 29.

Following the transfer of management control, the new board of Pakistan International Airlines Corporation Limited (PIACL) has appointed Lt Gen (retd) Anwar Ali Haider as the first chairman of the privatised entity. Lt Gen (retd) Haider is the managing director of the Fauji Foundation.

The finalisation of the transfer on Monday came after the satisfaction of 40 “Conditions Precedents” stipulated in the Share Purchase and Subscription Agreement (SPSA), which was signed on January 29, 2026. According to the Privatisation Commission, these conditions included a range of regulatory, commercial, and contractual requirements.

The completed prerequisites involved obtaining domestic and overseas regulatory approvals from bodies such as the Pakistan Civil Aviation Authority and the Competition Commission of Pakistan. Other conditions met included lessor and commercial consents, aviation policy reforms, corporate approvals, restructuring of taxation related to legacy liabilities, and new aircraft financing arrangements.

Jump to source:

Latest Activity

Categories: Business & Economy
Tags: , , ,

Related Articles

Report

Harassment or bullying behavior
Contains mature or sensitive content
Contains misleading or false information
Contains abusive or derogatory content
Contains spam, fake content or potential malware

Block Member?

Please confirm you want to block this member.

You will no longer be able to:

  • See blocked member's posts
  • Mention this member in posts
  • Invite this member to groups
  • Message this member
  • Add this member as a connection

Please note: This action will also remove this member from your connections and send a report to the site admin. Please allow a few minutes for this process to complete.

Report

You have already reported this .