The Arif Habib-led consortium has submitted a standby letter of credit (LC) and bank guarantee to the Privatization Commission to acquire the remaining 25 percent shares of Pakistan International Airlines (PIA).
The consortium has formally submitted its financial instruments within the deadline, as April 28 (today) marked the final date for the offer submission process.
He said the consortium is now fully prepared to move ahead with the takeover of PIA, stating that the required documents have been provided to complete the transaction for the government’s remaining stake in the national carrier.
The submission includes both a standby LC and a bank guarantee, fulfilling key financial requirements of the privatization process.
Habib also noted that the Privatization Commission has been urged to obtain a No Objection Certificate (NOC) from the Federal Board of Revenue (FBR) regarding PIA aircraft, which is a necessary step in finalizing the deal.
He added that all procedural requirements should be completed without delay so the acquisition process can proceed smoothly toward completion.
The development marks a significant move in the long-running privatization process of PIA, with the consortium signalling readiness to take control once regulatory formalities are cleared.