ISLAMABAD: Pakistan International Airlines’ new private owners confirmed on Thursday that talks are underway with aircraft manufacturers Boeing and Airbus, as the government formally concluded the airline’s privatization process.
A consortium led by the Arif Habib Group acquired a 75 percent stake in PIA last month for Rs135 billion, valuing the carrier at approximately Rs180 billion, officials said.
Transaction documents were signed during a televised ceremony in Islamabad attended by Prime Minister Shehbaz Sharif, senior cabinet members and Chief of Defence Forces Field Marshal Syed Asim Munir.
Consortium chairman Arif Habib said fresh capital would be injected into the airline to upgrade services and expand its fleet.
“We have already held detailed discussions with Boeing and are scheduled to meet Airbus as well. Other options are also being explored,” Habib told the ceremony.
He said new aircraft purchases would begin soon and pledged improvements in punctuality, cabin experience and ground services.
Prime Minister Sharif welcomed the completion of the transaction and urged the new management to restore PIA’s competitiveness and customer confidence.
Once regarded as a leading regional carrier, PIA has struggled for years with financial losses, operational inefficiencies and governance issues. Flight bans imposed by the European Union and the United Kingdom in 2020 were later lifted, offering renewed momentum for recovery.
Habib previously said the consortium plans to expand PIA’s fleet to about 64 aircraft over the next eight years, up from fewer than 20 currently. He also indicated the group may seek strategic foreign partners and consider acquiring the government’s remaining 25 percent stake.
