Pakistan’s December 23, 2025, auction for a 75% stake in Pakistan International Airlines Corporation Limited (PIACL) drew three bidders. The Arif Habib consortium won with a PKR 135 billion offer, just PKR 1 billion above the Lucky Cement consortium’s bid. That auction figure is distinct from the government’s later estimate of an approximately PKR 180 billion overall commitment, which included fresh equity for the airline—not just proceeds from the sale.
What happened in the December 2025 auction?
The bidding process for PIACL privatization took place on December 23, 2025, and covered 75% of the company’s shares. Three bidders entered the first round: the Arif Habib consortium, the Lucky Cement consortium, and Airblue. Their sealed bids were opened in front of bidder representatives, and the subsequent open auction was televised live, according to Radio Pakistan’s account of the opening of the process.
The winning result reported by Radio Pakistan was PKR 135 billion from the Arif Habib consortium. Lucky Cement offered PKR 134 billion in the open auction round. Radio Pakistan reported a PKR 100 billion reference price. Airblue was among the three first-round bidders, but the cited reports do not state a comparable final open-round offer from Airblue.
How close was the result?
The winning offer exceeded Lucky Cement’s by PKR 1 billion, or about 0.7% of the PKR 134 billion rival bid. Both reported offers were above the PKR 100 billion reference price. The reference price and bids are amounts reported for this December 2025 auction; they should not be read as a current valuation of PIACL.
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Why PKR 180 billion was not all paid to the government
On April 30, 2026, the Press Information Department described an expected overall private-sector commitment of approximately PKR 180 billion. Its stated structure was at least PKR 55 billion in proceeds for the government from the divestment and PKR 125 billion in new equity for PIACL. The new equity was intended for the airline, so the approximately PKR 180 billion figure was not the sale price paid to the state. The government’s statement also described the consortium’s intent to acquire the remaining 25% through a call option, subject to the transaction agreement’s conditions. See the April 30, 2026, Press Information Department release.
The auction’s PKR 135 billion winning bid and the later PKR 180 billion expected commitment are therefore different figures from different stages and descriptions of the transaction. The available government release identifies at least PKR 55 billion as divestment proceeds; it does not support describing the entire commitment as cash proceeds to the government.
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How the 2025 sale attempt differed from the failed 2024 attempt
The Privatisation Commission’s FY 2024–25 Year Book says the earlier attempt attracted only one offer: Blue World City bid PKR 10 billion against an approximately PKR 85 billion minimum expectation price. The government rejected that offer. The same year book records unresolved issues around aircraft GST and negative equity during that process.
The second attempt moved through a broader qualification process. The commission received expressions of interest from eight parties; five submitted statements of qualifications by June 19, 2025. It said qualified parties would proceed to due diligence through a virtual data room. By auction day, three bidders entered the first round and the two reported open-round bids were above the reference price. These milestones are described in the commission’s FY 2024–25 Year Book and its June 19, 2025, qualification notice.
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What happened after the auction?
The auction result was not, by itself, the final regulatory and closing milestone. The Competition Commission of Pakistan says PIA Equity Limited, the transaction special purpose vehicle formed by the consortium, was incorporated on January 9, 2026. The Share Purchase and Subscription Agreement was signed on January 29, according to the government’s April 30 release.
On April 29, 2026, the Competition Commission approved the proposed acquisition after a Phase-I assessment. It assessed domestic and international passenger transport, cargo, postal carriage, and aviation-related technical services. The commission said it found no horizontal or vertical overlaps and concluded that the acquisition would not create or strengthen a dominant position in a relevant market. That is the regulator’s competition assessment; it is not a finding about future fares, service quality, or the airline’s commercial performance. Details are in the Competition Commission’s April 29, 2026, approval notice.
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The government’s April 30 release said management control was expected on or before May 25, subject to conditions. The Privatisation Commission’s current top-story page now reports that first closing occurred and management control transferred after conditions precedent were satisfied, but the accessible page does not clearly date that event. It therefore establishes a later reported transfer of control, not a precise closing date or that the remaining 25% had already transferred. The commission’s status report is on its current website.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the headline figures do—and do not—show
- PKR 135 billion: the Arif Habib consortium’s winning auction bid for the 75% stake, as reported by Radio Pakistan on December 23, 2025.
- PKR 134 billion: Lucky Cement’s reported open-round bid on the same auction date.
- Approximately PKR 180 billion: the government’s April 30, 2026, description of the expected overall commitment, comprising at least PKR 55 billion in divestment proceeds and PKR 125 billion in fresh equity for PIACL.
For context on why the airline was being restructured, the Privatisation Commission’s FY 2024–25 Year Book reported PKR 499 billion in accumulated losses since 2015, an approximately PKR 75 billion loss in 2023, and PKR 825 billion in liabilities against PKR 161 billion in assets. These are historical figures reported in that year book, not current accounts or a post-transaction financial position.
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Before the auction, Prime Minister Muhammad Shehbaz Sharif said the bidding would be aired live so the public could witness it firsthand, according to the Government of Pakistan’s Ministry of Information and Broadcasting. Radio Pakistan subsequently reported that the auction was televised live. Those statements document the announced broadcast and reported live coverage; a broadcast alone does not independently establish that every aspect of the process was fair. The ministry’s pre-auction announcement is available at its announcement page.
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