In December 2025, the group bought 75% shares of PIA for Rs135 billion. The goal was to revive the loss-making airline through better management, expansion of its fleet, and improved customer service.

Now, the consortium wants full ownership to make decisions without government interference. Shahid Ali Habib, CEO of Arif Habib Ltd, said the change of sponsors is expected by late April or early May.

The consortium decided to acquire the “remaining 25% stakes of PIA for Rs.45 billion.”

“The change of sponsors is scheduled for late April or early May,” he said, adding that full control would allow the airline to operate as a private entity without government-appointed board members.

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The government has given the consortium 90 days to buy the remaining shares worth around Rs.45bn. The agreement, signed in January, also allows up to 12 months for the transfer of funds, making the deal financially manageable.

The winning consortium includes Fatima Fertilizer with 34.1% stake, Fauji Fertilizer with 33.9%, Lake City with 16%, and the City School, along with AKD Group holding 16%.

The new management, backed by Rs125bn, plans to restructure the airline and raise fresh capital for rebranding and operational reforms.

PIA was founded in 1955 and became a public limited company in 2016 under the Pakistan International Airlines Conversion Act.

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In May 2024, after approval from the Securities and Exchange Commission of Pakistan (SECP), PIA was delisted from the stock exchange and became a wholly owned subsidiary of PIA Holding Company Ltd, which was formed to oversee its privatization.

This move marks one of the biggest changes in the airline’s history, as it shifts from state control to full private ownership.