The privatisation process of Pakistan International Airlines Corporation Limited (PIACL) has gained momentum as AKD Group officially joined the consortium led by Arif Habib team, according to a notice submitted to the Pakistan Stock Exchange on Monday.
Through its subsidiary, AKD Group Holdings (Private) Limited, the company has become the newest partner in the Arif Habib team consortium. The group already includes Fatima Fertilizer Company Limited, City School (Private) Limited, and Lake City Holdings (Private) Limited.
In a statement, Arif Habib Corporation Limited (AHCL) called AKD Group’s inclusion a major boost, citing its diversified portfolio in venture capital, real estate, oil and gas, and technology. The move strengthens the consortium as it continues the due diligence phase for the PIA transaction.
The Arif Habib team is currently working closely with the Privatisation Commission of Pakistan and other stakeholders to complete the evaluation process. AHCL assured investors that it remains committed to providing timely updates on all major developments related to the transaction.
The federal government resumed the PIA privatisation drive in April, inviting expressions of interest for a 51 to 100 percent stake in the national carrier. The initiative aims to reform struggling state-owned enterprises and raise funds under Pakistan’s $7 billion International Monetary Fund (IMF) programme.
Last year’s attempt to sell the airline failed after the government received only one bid, which was significantly lower than the expected value of over $300 million. The renewed process, now supported by a stronger and more diverse consortium, reflects a more determined effort to attract credible investors and restructure the loss-making airline.
Industry observers view the participation of leading business groups as a positive signal for investor confidence. With the Arif Habib team now joined by AKD Group, expectations are rising for a smoother and more transparent privatisation process.
In other news read more about: PIA Privatisation Bid Deadline Extended to Nov 17
