Consortium submits bank guarantee for 25pc PIA stake

KARACHI: The Arif Habib-led consortium has submitted a standby letter of credit (LC) and a bank guarantee to the Priva­tisation Commission to acquire the remaining 25 per cent of Pakistan Inter­national Airlines (PIA) shares from the government.

The consortium submitted its financial instruments on time, with April 28 being the deadline for the offer submission process.

The consortium had acquired a 75pc stake in the national flag carrier for Rs135 billion, while the remaining 25pc will cost Rs45bn.

The consortium’s total investment amounts to Rs180 billion, including Rs55 billion paid to the government and Rs125 billion invested in PIA.

The consortium expects that all procedural requirements are expected to be completed without delay so the acquisition process can proceed smoothly toward completion.

The development marks a significant step in PIA’s long-running privatisation process, with the consortium signalling its readiness to take control once regulatory formalities are cleared.

“The Arif Habib group has submitted bank guarantee that the money would be available in 12 months,” Shahid Ali Habib,........

© Dawn Business