Save Our Pak
A major development has taken place in the privatization of Pakistan International Airlines, as the Arif Habib Consortium has now acquired 100% of its shares.
According to ARY News, the consortium deposited Rs. 45 billion for the remaining 25% shares of the airline. With this payment, it has successfully completed the full ownership of PIA.
A spokesperson for the consortium confirmed that a bank guarantee of Rs. 45 billion has also been submitted as part of the agreement.
Earlier, the Arif Habib Consortium had already purchased 75% shares of PIA for Rs. 135 billion. Now, with the remaining shares secured, the group officially owns the airline completely. It is expected that the consortium will take control of PIA operations in May.
The Arif Habib Consortium includes several major groups such as Fauji Fertilizer Company, Lake City Holdings, Fatima Group, Arif Habib Limited, The City School, and AKD Group.
The government had earlier given the consortium an option to purchase the remaining 25% shares under the privatization agreement.
Reports also confirmed that the consortium has submitted a Letter of Credit for the final share purchase. In addition, standby LC and bank guarantees have been handed over to the Privatization Commission.
Arif Habib stated that they are fully ready to take over PIA soon. He mentioned that April 28 was the final deadline, and the offer for the remaining shares has been submitted on time.
He also said that the Privatization Commission has been requested to get quick approval (NOC) from the Federal Board of Revenue for aircraft-related matters.
Reported by Save Our Pak
