arifhabib

Pakistan International Airlines (PIA) has been sold to an Arif Habib-led consortium for a whopping Rs 135 billion, marking a significant milestone in the country's privatization efforts. The consortium, which includes Fatima Fertilizer, City Schools, and Lake City Holdings, emerged as the highest bidder in a live-televised auction, surpassing the government's reference price of Rs 100 billion. $BTC $SOL
The sale involves 75% of PIA's shares, with the winning bidder required to invest an additional Rs 80 billion in the airline over the next five years. The government will retain a 25% stake, valued at around Rs 45 billion. The deal is expected to bring much-needed investment and expertise to revive the struggling national carrier. $BNB
PIA, once considered a symbol of Pakistan's national pride, has been plagued by financial losses and mismanagement for decades. The airline has accumulated over $2.8 billion in debt and has been subject to safety concerns, including a fatal crash in 2020 that killed 97 people. #PakistanPIA
The privatization of PIA is seen as a key test of Pakistan's reform credibility with the International Monetary Fund (IMF), which has urged the country to halt losses at state-owned enterprises. The deal is expected to signal momentum on reforms and privatizations, with the government working on a pipeline of future transactions.
The Arif Habib consortium has pledged to restore PIA's fortunes through fresh capital, fleet expansion, and improved management. The airline is expected to expand its fleet and improve services, with plans to increase passenger numbers from 4 million to 7 million over the next four years.#ArifHabib