The Pakistan International Airlines has been sold to a consortium of investors led by Arif Habib Limited, a securities brokerage house based in Karachi, along with the participation of industrial group Fatima Fertiliser and AKD group, a local conglomerate.
The ceremony to privatise the loss-making airline company was held in Islamabad, where Arif emerged as the highest bidder, offering Rs 115 billion for the airline. Lucky Cement had offered Rs 105.5 billion, and Airblue offered Rs 26.5 billion.
The government had announced that the reference price was Rs 100 billion after the first round of bidding.
Pakistan International Airlines — PIA — after more than a decade of delays, political resistance, and failed attempts, has finally been privatised. In a rare fully transparent, live-broadcast open auction, Arif Habib Consortium acquired 75% stake in PIA for Rs 135 billion, edging… pic.twitter.com/MIjiXXLihq
— Profit (@Profitpk) December 24, 2025
Both Arif Habib and Lucky Cement competed fiercely to win the airlines, until the former offered Rs 135 and went unchallenged.
The aggressive auction process had emerged successful after it found its buyer. The Shebaz Sharif government had been trying to sell the airline since last year.
Who is Arif Habib?
Arif Habib is an industrialist and stock trader. He was born in Karachi, Pakistan, in 1953. Habib built his business empire after he entered the brokerage business in 1970. The Arif Habib Corporation Limited is now a multibillion-dollar conglomerate. The group's operations span financial services, chemicals, cement, steel, real estate, and energy sectors. The company also oversees Fatima Fertiliser, Ayesha Steel Mills, and Javed Corporation.
According to a Bloomberg report, Arif Habib’s parents were originally from Bantva, Gujarat, India. His family had migrated to the newly created Pakistan in 1948. In 1970, Arif Habib said that his elder brother purchased a trading license on the stock exchange and at the age of 17, he dropped out of school to join his brother in the trading business.
Under the PIA purchase, 75 per cent of the shares under the sale will go to the Arif Habib group immediately, and the remaining 25 will have to be bought within 90 days.
92.5 per cent of the proceeds the from the sale will be reinvested in the airline under this agreement. The Airf Habib group will have to invest an additional Rs 80 billion into the airline in the next five years.
