Islamabad: A consortium led by Arif Habib Corporation Limited (AHCL) has formally notified the Privatisation Commission of its intent to acquire the remaining 25% stake in Pakistan International Airlines Corporation Limited (PIACL). This development marks a significant step towards transitioning the national carrier to full private-sector ownership.

According to Press Information Department, management control of PIACL is anticipated to be transferred on or before May 25, 2026, which is designated as the First Closing Date by the Privatisation Commission. This transfer is contingent upon the fulfilment of conditions outlined in the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026.

The notification to acquire the remaining stake, referred to as a call option, is accompanied by a standby letter of credit and will be executed according to the terms stipulated in the SPSA. The total private-sector investment in this transaction is projected to reach approximately PKR 180 billion, with PKR 55 billion allocated as divestment proceeds to the Government of Pakistan, and PKR 125 billion earmarked for fresh equity injection into PIACL. This financial infusion aims to bolster the airline’s recapitalisation efforts.

The planned equity injection is expected to facilitate fleet expansion, modernisation, route development, and improvements in customer service and operational systems. The consortium, which includes 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, is collaborating with the Privatisation Commission, the Government of Pakistan, and PIACL to meet the conditions required before the First Closing.