KARACHI (Business Reporter) — The AKD Group has joined the consortium led by Arif Habib Corporation Limited (AHCL) that is participating in the privatization of Pakistan International Airlines Corporation Limited (PIACL).
Arif Habib Limited announced the development in a notice to the Pakistan Stock Exchange on Monday. The notice stated that the AKD Group, through its company AKD Group Holdings (Private) Limited, has become part of the AHCL-led consortium involved in the PIACL privatization process.
The announcement followed the decision of the Privatization Commission Board on Friday, which approved the inclusion of AKD Group Holdings (Private) Limited in the consortium led by AHCL. The Privatization Commission, in a statement, said the inclusion was in accordance with the terms set out in the Statement of Qualifications (SOQs).
Meanwhile, Arif Habib Limited informed the stock exchange that AKD Group — with a strong presence in venture capital, real estate, construction, oil and gas, and technology sectors — will further strengthen the consortium as it moves through the due diligence phase of the transaction.
The consortium now includes Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, The City School (Private) Limited, Lake City Holdings (Private) Limited, and AKD Group Holdings (Private) Limited.
The notice further stated that the consortium is actively engaged with the Privatization Commission of Pakistan and other stakeholders to complete the due diligence process.
The government had restarted the sale process of PIA in April this year through a new Expression of Interest (EOI) call, aiming to divest its stake in the national carrier and reform cash-strapped state-owned enterprises (SOEs) as part of measures recommended under a $7 billion International Monetary Fund (IMF) program.
The government’s earlier attempt to privatize PIA last year had failed after receiving only a single offer that was far below the desired valuation of $300 million.
