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Articles for tag: aircraft, Arif, billion, expand, fleet, Habib, joint, PIAs, plans, takeover, venture

December 25, 2025

News Desk

Arif Habib joint venture plans to expand PIA’s fleet to 64 aircraft after Rs 135 billion takeover

A Pakistan International Airlines (PIA) plane prepares to take off at the Alama Iqbal International Airport in Lahore. — Reuters/File Habib confirms that Fauji Fertilizer has also joined the joint venture. Adding the remaining 25% stake will bring Rs 45 billion to the fund. The government expects to have an airline operating under a new owner by April 2026. Arif Habib, founder of one of Pakistan’s leading business conglomerates, said on Wednesday his joint venture plans to expand the fleet of Pakistan International Airlines (PIA) to 64 aircraft in phases after acquiring a majority stake under the government’s privatization process.

June 6, 2024

News Desk

PIA’s underwriter proposes to reinvest the proceeds

KARACHI: In a bid to expand its footprint into new sectors of the economy, including aviation and corporate agriculture, renowned businessman Arif Habib has suggested the government reinvest proceeds from the privatization of Pakistan International Airlines (PIA) into the national carrier, as the state will continue to hold a 49% stake. Arif Habib Corporation is part of one of six consortiums that have qualified to bid for the airline sometime in August 2024. Addressing the media on his company’s plans to further diversify the Arif Habib Group’s business portfolio, Group Chairman Habib said PIA carries negative equity of Rs 50-55

May 6, 2024

News Desk

In a major development, SECP approves PIA’s restructuring plan

SECP guides PSX, CDC and NCCL to ensure smooth listing of PIA Holding Company Limited A representational image of the PIA plane. — AFP/File The restructuring plan was approved by the SECP on May 3. The program came into effect on April 30, 2024. PSX, Finance and Privatization Ministries also informed. ISLAMABAD: In a major development, the Securities and Exchange Commission of Pakistan (SECP) has approved the legal separation of Pakistan International Airlines (PIA) which is one of the most complex restructuring actions undertaken. According to a press release issued by the Ministry of Privatization on Sunday, the restructuring plan

March 26, 2024

News Desk

PIA’s privatization plan was “endorsed” by the newly formed board

—APP/File The PIA Board has updated the privatization plan. Government company to privatize bleeding state enterprises. Board meeting in Islamabad. KARACHI: The privatization plan of Pakistan International Airlines (PIA) has been approved by its recently constituted board of directors, Geo News it said on Tuesday, citing sources. The plan was shared with the national carrier’s board members during which various proposals regarding the future of the agency’s employees were discussed, the sources said. The meeting, which was held in Islamabad, continued for four hours, they said. The government had appointed Ernst & Young – a global financial advisory firm –

February 2, 2024

News Desk

The burden of PIA’s debt was shifted to taxpayers

Islamabad: The government and commercial banks have agreed on a Rs268 billion debt restructuring plan for Pakistan International Airlines (PIA). This move, while shifting the burden of PIA’s inefficiencies onto taxpayers, removes an irritant to its privatization. The Ministry of Finance, abandoning its previous stance of not including PIA’s debt in the public debt, is now committed to making principal and interest payments from the budget. Under the agreement, the government will use proceeds from the sale of PIA for capital payments, resorting to the budget if insufficient funds are available. The banks, in return, accept a 10-year debt rollover

December 23, 2023

News Desk

Government rejects taking over PIA’s Rs 263bn debt

Islamabad: The federal government has refused to absorb Pakistan International Airlines’ (PIA) debt of Rs263 billion, instead proposing to settle debts with nearly a dozen domestic commercial banks using proceeds from the airline’s privatization. Sources told The Express Tribune that the finance ministry, backed by Prime Minister Anwarul Haq Kakar, rejected the proposal to merge PIA’s Rs 263 billion debt with the national debt. The prime minister’s office did not respond to a request for comment despite repeated attempts. The decision follows the national airline’s default on debt repayments of more than 17 billion rupees to seven commercial banks by

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