Overview
- The government will receive about Rs10.1 billion upfront, with roughly Rs124.9 billion earmarked to recapitalise PIA in two stages.
- Final regulatory and cabinet approvals and contract signing are pending, with the privatisation adviser saying new management is expected by April 2026.
- The state will retain a 25% stake valued around Rs45 billion, and the buyer has an option to acquire the remainder within a defined window.
- Legacy debts and pension liabilities were shifted to a state holding company, and PIA’s real estate was excluded from the transaction.
- Employee jobs are protected for 12 months, and the winning consortium includes Fatima Fertiliser, City Schools and Lake City Holdings, with scope to add partners.