The consortium led by Arif Habib has been given until April 29 to decide whether it will acquire the remaining 25 percent stake in Pakistan International Airlines (PIA), Secretary Privatization Commission Usman Bajwa informed the Senate Standing Committee on Privatization on Monday.
The secretary said the consortium has already begun searching for a new chief executive officer and management team for the airline.
Officials also revealed that Fauji Fertilizer Company may soon join the consortium, subject to approval from the cabinet committee on Privatization.
The buyers have already established a new entity named PIA Holding Company Limited (PIAHCL), through which the airline will be managed. All shareholders in the consortium will be part of this company, the committee was informed.
The secretary further added that the financial closing of the privatization transaction is expected by the end of April, and there are currently no major hurdles remaining.