A consortium led by Arif Habib Corporation Limited has formally moved to acquire the remaining 25 percent stake in Pakistan International Airlines Corporation Limited (PIACL), setting the stage for full privatisation of the national carrier, the Privatisation Commission said on Thursday.

Management control is expected to be transferred on or before May 25, 2026, subject to the fulfilment of conditions outlined in the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026.

The consortium has submitted a notice of intent to exercise its call option for the remaining shares, along with a standby letter of credit, in line with the agreement.

Total private-sector investment in the transaction is estimated at around Rs180 billion, including at least Rs55 billion to be paid to the government and about Rs125 billion to be injected into the airline as fresh equity.

The equity injection is expected to support fleet modernisation, route expansion, and improvements in customer service and operational efficiency.

The consortium also includes Fatima Fertilizer Company Limited, Fauji Fertilizer Company, Lake City Holdings (Pvt) Limited, The City School (Pvt) Limited, and AKD Group Holdings (Pvt) Limited.

The Privatisation Commission said all parties are working to complete the required conditions ahead of the first closing date.