ISLAMABAD: The Arif Habib consortium on Tuesday emerged as the successful bidder for Pakistan International Airlines Corporation Ltd (PIACL) after offering Rs135 billion in an open auction, marking Pakistan’s first major privatisation in nearly two decades.
The bidding process moved to an open round after sealed bids were submitted by three pre-qualified bidders — Lucky Cement, Airblue and the Arif Habib consortium. Airblue exited the competition in the first round after submitting a bid below the government’s reference price of Rs100bn. Lucky Cement and Arif Habib then advanced to the final stage.
Breaking: Arif Habib Consortium wins 75% of PIA with a Rs135bn bid. Lucky Consortium follows closely with a Rs134bn offer. pic.twitter.com/HXICg5kgUH
— Mansoor Ahmed Qureshi (@MansurQr) December 23, 2025
PIA privatisation: Arif Habib consortium wins bid with Rs135bn offer pic.twitter.com/6hawQxbPtB
— Murtaza Ali Shah (@MurtazaViews) December 23, 2025
In the first round, Lucky Cement bid Rs101.5bn while the Arif Habib consortium offered Rs115bn, which became the base price for the second round. During live bidding, Lucky Cement raised its offer to Rs134bn, but Arif Habib countered with a final bid of Rs135bn, prompting Lucky Cement to withdraw.
The entire auction was broadcast live on television and digital platforms to ensure transparency. Adviser to the prime minister on privatisation Muhammad Ali said the process reflected investor confidence and the government’s commitment to economic reform.
Speaking after the win, Arif Habib said privatisation would help revive the national carrier through fresh capital investment and fleet expansion. He said the consortium planned to increase PIA’s fleet from 18 aircraft to 38 in the first phase, with further expansion based on demand, while assuring job security and growth opportunities for existing employees.
Prime Minister Shehbaz Sharif termed the sale a “historic day for Pakistan”, stating that privatising loss-making state-owned enterprises was essential for economic stability. Finance Minister Muhammad Aurangzeb said the successful auction would help stop financial losses and attract further domestic and foreign investment.
The transaction is subject to cabinet approval, after which negotiations will be completed within the stipulated timeframe.