Pakistan International Airlines (PIA) has officially been handed over to the consortium led by Arif Habib Corporation, a major step in the government’s ongoing privatization drive.
The transaction documents were signed today by representatives of the Government of Pakistan and the consortium, which formalized the transfer of the national flag carrier.
The Arif Habib-led consortium will now be responsible for reviving the airline’s operations, modernizing its fleet, and implementing a turnaround strategy to restore profitability and competitiveness in both domestic and international markets.
The Arif Habib-led 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.
Why an Army Chief is standing in the back?. I have never seen such news from Europe and America where Army Chief is doing such things that are not a part of his/her job. An Army chief should stay away from such matters. It is not his domain.
Basically the Fouji Fertilizers is the majority shareholder, Arif Habib is just a face and like other members. What a joke with this crowded useless civilians. 😂
As per info available : Arif Habib who leads a consortium of business houses hold 50 % while FFC holds 25 %.
PIA was a constant drain on federal treasury of over PKR 100 Billion annually. What matters is that this hole has been plugged. No private sector group would have acquired PIA without the protection and confidence afforded by Fauji Foundation. This was the only way to privatize PIA.
I don’t understand what obsession do our public have with fauji group. They’re paying taxes and a separate entity from army though retired generals lead it. Ffc worth is over 850 billion and they have a huge cash so they are able to buy 25% stake in airlines
If the new private owner doesn’t maintain merit and international standards or doesn’t try to compete with other National and international Airlines. PIA limited will stay in the same doom in which it currently exists. Plus PAKISTAN,S International Profile also has to change from terror torn state to a state that can maintain peace and stability within it,s borders only than international markets will be open to be our customers and Buissness partners otherwise no dollars or revenue will inflow into Pakistan.
Must quit all unqualified technical work force of PIA,even the baggage handlers, wild attitude must be eradicated,as soon possible to revive the PIA.
I hope this message finds you well.
It has been observed that the higher management of the Security Department at PIA includes individuals deputed from other departments who do not have a professional background in security. These management practices have led to rough handling of staff, favoritism, and unjust treatment in certain instances.
Such practices undermine the principles of fairness, transparency, and professionalism, which are essential for the effective functioning of a security department. Nepotism and bias toward select individuals compromise discipline and staff morale, and may adversely affect the overall integrity of the organization.
It is humbly requested that the management consider reviewing these practices and take steps to ensure justice, accountability, and professional management in the department.
May Allah guide the leadership to uphold fairness, integrity, and discipline across all levels of the organization.
Thank you for your attention and consideration.
Sincerely,