AKD Group joins Arif Habib team in PIA privatisation push

The privatisation of Pakistan International Airlines Corporation Limited (PIACL) has taken a step forward as AKD Group has officially joined the consortium led by Arif Habib Corporation Limited (AHCL), according to a notice filed with the Pakistan Stock Exchange on Monday.

Through its subsidiary, AKD Group Holdings (Private) Limited, the financial powerhouse has become the latest partner in a consortium that also includes Fatima Fertilizer Company Limited, City School (Private) Limited, and Lake City Holdings (Private) Limited.

AHCL described the inclusion of AKD Group as a major boost to the consortium, highlighting the company’s diverse portfolio in venture capital, real estate development, oil and gas, and technology. The group’s participation comes as the consortium moves through the due diligence phase of the PIA transaction.

The consortium is actively engaging with the Privatisation Commission of Pakistan and other stakeholders to finalise the due diligence process. AHCL assured investors that it will continue to provide timely updates on material and price-sensitive developments.

The federal government resumed the PIA sale process in April with a renewed call for expressions of interest, seeking to sell a 51-100 percent stake in the loss-making national carrier. The move is part of broader efforts to reform state-owned enterprises and raise funds under a $7 billion International Monetary Fund programme.

Last year’s attempt to privatise PIA fell short, with the government receiving only one bid well below the expected price of over $300 million. This renewed effort, now backed by a stronger consortium, signals a more serious push to offload the struggling airline.