Arif Habib Wins Rs135bn Bid for PIA in Landmark Privatisation
Suneel Kumar
In a historic move marking Pakistan’s first major privatisation in nearly two decades, Arif Habib successfully won the auction for Pakistan International Airlines Corporation Ltd (PIAC) with a bid of Rs135 billion. The auction ceremony took place in Islamabad and witnessed intense competition among top industry players.
Earlier in the day, pre-qualified bids were submitted by Lucky Cement, private airline Airblue, and investment firm Arif Habib. Airblue exited the race after the first round, having submitted a bid of Rs26.5 billion, below the reference price of Rs100 billion.
In the first round, Lucky Cement bid Rs101.5 billion, while Arif Habib consortium offered Rs115 billion, which set the base for the subsequent open auction. After a 30-minute consultation break, the second round commenced with a minimum increment of Rs250 million.
The bidding quickly escalated as both remaining bidders vied to surpass each other. When Lucky Cement raised its offer to Rs134 billion, Arif Habib countered with Rs135 billion, securing victory and concluding the historic privatisation process.
This acquisition not only represents a significant milestone in Pakistan’s economic reforms but also positions Arif Habib at the forefront of one of the country’s largest corporate transitions in recent history.
