The Arif Habib-led consortium is now looking for a new partner to revive Pakistan International Airlines (PIA), reported Bloomberg.
The new owners have now started due diligence to identify potential partners with stable operational and financial value. Several local and international parties have shown interest.
Under the revival plan, the consortium intends to expand PIA’s fleet to 38 aircraft from the current 18 and hire new and skilled personnel to support operations. The new owners are also not allowed to fire employees for one year. Existing staff will be assessed on performance during this period and retained accordingly.
All this is happening after the federal government last month sold a 75 percent stake in PIA for Rs. 135 billion to appease the International Monetary Fund. The new ownership structure includes Arif Habib Corporation and Fatima Fertilizer Limited with a combined 25 percent stake, Fauji Fertilizer Company Limited with 25 percent, and another 25 percent held jointly by AKD Group, City Schools and Lake City Holdings.
The consortium also retains the option to purchase the government’s remaining stake at a premium in the future.
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