Overview
- The government will receive Rs10.125 billion in cash (7.5% of the bid) while Rs124.875 billion (92.5%) will be injected into PIA via a rights issue in two tranches of Rs83.25 billion upfront and Rs41.625 billion within 12 months, according to a PSX filing.
- Final clearances by the Privatisation Commission board and the cabinet are pending with contract signing expected within weeks and financial close after roughly 90 days, targeting operational handover in April 2026.
- The state retains a 25% stake valued at about Rs45 billion, and the buyer has an option window of roughly 90 days to seek the remaining shares under the approved framework.
- Legacy liabilities estimated around Rs650–670 billion were moved to a holding company to enable the sale, and a one‑year no‑layoff protection applies to all PIA employees.
- Three pre‑qualified bidders took part in the live auction, with the Arif Habib‑led group topping Lucky Cement’s offer; the deal excludes PIA real estate and includes tax concessions to support airline operations.