KARACHI/ISLAMABAD: A major development in the privatisation process of Pakistan International Airlines Corporation Limited (PIACL) has been announced as the acquirer consortium has formally expanded its Special Purpose Vehicle (SPV), named PIA Equity Limited (PIAEL), bringing in new institutional investors, including Fauji Fertilizer Company Limited.
According to a statement issued by Arif Habib Corporation Limited, the consortium representing the Arif Habib group confirmed that PIA Equity Limited will acquire 100% ownership of Pakistan International Airlines, marking a key step in the ongoing privatisation process being managed in coordination with the government.
The consortium, led by Arif Habib Corporation Limited, now includes several major institutional and corporate investors: Fatima Fertilizer Company Limited, Lake City Holdings, AKD Group, The City School Group, and Fauji Fertilizer Company Limited.
Strategic Investment Structure
PIA Equity Limited has been structured as a Special Purpose Vehicle to consolidate investment and streamline the acquisition and future management of Pakistan’s national flag carrier. The SPV is designed to act as the central platform for ownership transition and operational oversight once the transaction is completed.
The inclusion of Fauji Fertilizer Company Limited is seen as a significant addition, strengthening the consortium’s institutional backing and financial capacity for the acquisition.
Coordination with Privatisation Authorities
The consortium stated that it continues to work closely with the Privatisation Commission of Pakistan to advance the transaction toward successful completion. Officials described the development as part of a structured and phased approach to restructuring and privatizing PIACL.
Background
Pakistan International Airlines has long been part of the government’s privatisation agenda aimed at improving efficiency, reducing fiscal burden, and attracting private-sector investment into national assets.
The formation and expansion of PIAEL marks a key milestone in this process, bringing together diversified investors under a unified corporate structure for one of the country’s most significant state-owned enterprises.
