The Government officially transferred the effective management control of PIA to a local consortium purportedly led by Arif Habib Corporation with a 34.10% share on June 29, 2026. Other members of the consortium were Fauji Foundation, represented through Fauji Fertilizer Company Ltd, Lake City Holdings, City School Group and AKD Securities Limited, holding 33.90%, 14.00%, 7.65% and 10.35% shares respectively. However, none of them possess any experience in operating an airline. To execute this transaction, the consortium has established a Special Purpose Vehicle (SPV) as PIA Equity Limited (PEL), with Lt. Gen. (Retd) Anwar Haider representing Fauji Foundation as its first Chairman.

The above transaction, representing the sale of 75% shares of PIA, was successfully completed on receipt of Rs. 10 (B) in cash from the new buyer, along with a firm commitment to inject Rs. 80 (B) as equity, a task they have since accomplished by leveraging the books of their existing businesses. This amount will be used for the purchase/leasing of 60 aircraft, followed by an additional investment of Rs. 45 (B) in the next 5 years that will probably come through internal cash generation. The new buyer has further committed to buying the remaining 25% shares of PIA for Rs. 45 (B), payable in the next 12 months.

The SPV has inherited 11 properties worth Rs. 14 (B), a fleet of 34 aircraft, out of which 18........

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