The Arif Habib Group-led consortium secured Pakistan International Airlines in the privatisation process on Tuesday with a top bid of Rs135 billion, ahead of the Lucky Cement-led consortium’s Rs134 billion offer.

The final bids were opened in Islamabad in the presence of government officials, consortium representatives and the media, concluding a staged and publicly televised process for the sale of a 75% stake in the national carrier.

Following the announcement, Shahid Habib of the Arif Habib consortium termed the outcome “a win for Pakistan,” describing the transaction as the country’s largest to date.

Under the deal, PIA employees will receive job protection for one year. Officials said salaries and existing benefits of around 6,500 employees will remain intact during this period.

The successful bid follows earlier rounds in which the Arif Habib consortium had led with offers of Rs115 billion and later Rs121 billion, while the Lucky Cement consortium had submitted bids of Rs101.5 billion and Rs120.25 billion, respectively. Airblue was the third bidder in the process.

According to the Privatisation Commission, the winning bidder will also have the option to acquire the remaining 25% stake within 90 days at a 12% premium, with payment allowed after one year.

Officials reiterated that the successful investor would be required to inject at least Rs80 billion over the next five years to stabilise operations and improve the airline’s performance.

As per the transaction structure, 92.5% of the proceeds from the sale of the 75% stake will be reinvested into PIA, while 7.5% will be transferred to the federal government, with the stated aim of prioritising the airline’s revival and long-term sustainability.

The Arif Habib consortium comprises Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, The City School (Pvt) Ltd and Lake City Holdings (Pvt) Ltd. The rival consortium includes Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited and Metro Ventures (Pvt) Ltd.

Officials said the live broadcast of the bidding process was intended to ensure transparency and keep the public informed about the privatisation of the national carrier.