The offer, which stands around 35 percent above the government’s reference price, also carries a commitment to inject an additional Rs80 billion over the next five years, signalling a long term intent rather than a short term play.
The bid has placed the consortium firmly in pole position, though the transaction remains subject to key regulatory and government approvals.
In a notice to the Pakistan Stock Exchange, Arif Habib Corporation confirmed that the proposed acquisition is conditional upon clearance from the Privatization Commission Board and final approval by the federal cabinet.
Once these green lights are secured, a formal Letter of Acceptance will be issued, officially naming the successful bidder.
The consortium brings together a mix of industrial and investment heavyweights, including Fatima Fertilizer Company Limited, Lake City Holdings (Private) Limited, AKD Group Holdings (Private) Limited, and The City Schools (Private) Limited. Together, they participated in the bidding process held on December 23, 2025.
According to the disclosure, the Rs135 billion bid is structured for the phased acquisition of a 75 percent stake in PIACL, in line with the transaction documents issued by the authorities.
The company emphasized that while the financial offer has been submitted and acknowledged, it will only take effect after all statutory and policy requirements are met.
Market observers see the bid as a strong vote of confidence in the potential turnaround of the loss making airline.
The premium over the reference price, coupled with a sizeable future investment pledge, suggests the consortium is betting on operational reform, better governance, and a gradual revival of PIA’s fortunes.
For now, the deal sits on the government’s table, with investors and employees alike watching closely. The final call by the cabinet will determine whether this headline grabbing bid translates into a landmark shift for Pakistan’s aviation sector.
