An Arif Habib-led consortium won the 23 December 2025 auction for a 75% stake in Pakistan International Airlines Corporation Limited (PIACL, commonly PIA), bidding Rs.135 billion. The sale later advanced through signed transaction documents and a transfer of management control, but the latest parliamentary update reviewed here said the remaining 25% was still subject to a possible call-option exercise and a second completion.
Who won the PIA auction, and what did it bid?
The Arif Habib-led consortium won the auction for a 75% equity stake in PIA on 23 December 2025 with a bid of Rs.135 billion. The National Assembly’s 17 September 2026 committee briefing reported that the bid was against a Rs.100 billion reference price. Radio Pakistan reported that Lucky Cement offered Rs.134 billion in the open auction round.
Those figures compare the auction offers with the stated reference price; they do not establish a full valuation, enterprise value, financing cost, or whether the sale price represented good value. See the Radio Pakistan auction report and the National Assembly committee briefing.
What does “PIA sold” mean in this transaction?
The phrase can refer to different stages: winning the auction, signing the transaction documents, completing the initial transfer, or completing a later purchase of the remaining shares. The milestones reported for this deal are:
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| Milestone | Date and status |
|---|---|
| Auction | 23 December 2025: the consortium won with a Rs.135 billion bid for 75% equity. |
| Transaction documents | 29 January 2026: documents were signed. |
| Competition clearance | 29 April 2026: the Competition Commission of Pakistan announced approval of the proposed acquisition after its Phase-I assessment. |
| First Completion | 29 June 2026: management control transferred. |
| Possible purchase of the remaining stake | In its 17 September 2026 briefing, the National Assembly’s Standing Committee on Privatization said the bidder had conveyed an intention to exercise the call option for the remaining 25%, subject to contractual requirements and Second Completion. The briefing did not say that this second transfer had been completed. |
The dates and status are reported by the National Assembly committee, Radio Pakistan, and the Competition Commission of Pakistan.
Why are reports also mentioning Rs.180 billion?
Rs.180 billion was not the winning auction bid. At the 29 January 2026 signing ceremony, Radio Pakistan reported Arif Habib’s statement that the total investment was Rs.180 billion, with Rs.55 billion going to the government and the remainder intended for company development. That was a reported statement at signing, not an independently audited accounting of funds paid or invested. It should be kept distinct from the Rs.135 billion bid for the 75% stake.
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Read the Radio Pakistan signing report for the attributed breakdown.
What did competition approval establish?
On 29 April 2026, the Competition Commission of Pakistan announced Phase-I approval under section 11 of the Competition Act, 2010, for the proposed acquisition by PIA Equity Limited. The Commission described PIA Equity Limited as a special-purpose company incorporated on 9 January 2026 by a consortium comprising Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, Lake City Holdings (Private) Limited, City Schools (Private) Limited, and AKD Group Holdings (Private) Limited.
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The Commission said its review covered domestic and international passenger air transport, cargo, postal carriage, and aviation-related technical services. It concluded that the acquisition would not create or strengthen a dominant position or substantially lessen competition. The approval was a competition decision, not a statement that every other legal or regulatory step was complete: the Commission said the transaction remained subject to applicable laws, regulatory requirements, and oversight by relevant authorities. See its 29 April 2026 announcement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is established about the remaining 25%?
The latest status reported in the National Assembly committee briefing is that the successful bidder conveyed an intention to exercise a call option over the remaining 25%. The committee made that intention conditional on contractual requirements and Second Completion. On that evidence, it is accurate to say the bidder intended to pursue the remaining stake; it is not accurate to say that the remaining shares had already transferred.
The briefing does not establish when Second Completion will occur or provide further terms for the call option. Those details should not be inferred from the auction result or the transfer of management control.
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