ISLAMABAD: The Pakistani consortium led by Arif Habib Ltd. which bought a 75 percent stake in the Pakistan International Airlines (PIA) plans to secure full control of the airline, a senior official of the firm confirmed on Sunday. 

In December 2025, the consortium headed by Arif Habib Group secured a 75 percent stake in the PIA for Rs135 billion ($482 million) after several rounds of bidding, valuing the airline at Rs180 billion ($643 million). Pakistan had previously attempted to reform the debt-ridden airline, which had accumulated more than $2.8 billion in financial losses over the years. 

Arif Habib Ltd. CEO Shahid Habib told Arab News that since the PIA’s privatization documents were signed in January, the group will formally take over the airline at the end of April. He said as per the by-laws, the group will have to notify the government whether it intends to buy the remaining 25 percent stake in the airline or “leave it with the government.”

“At present, their [Arif Habib-led group’s] stated position is that they intend to acquire the 25 percent from the government,” Habib said.

He said once the group conveys its decision to buy the remaining 25 percent stakes in the airline, it will have 12 months to complete the payment.

“This means that from April to the following April [in 2027], they must pay the Government of Pakistan Rs45 billion [$161 million] more with 12% premium for the additional stake,” Habib said.

Habib said beyond ownership, the group intends to improve service for customers. This would include strengthening overall safety and security standards, enhancing staff performance and upgrading the airline’s ticketing system. 

He said the group intends to increase the frequency of flights on commercially viable routes.

“For example, routes that currently operate only two flights every two weeks could be expanded to as many as six flights per week,” Habib said.

“This would significantly improve passenger convenience and availability.”

Habib said currently, PIA has 18 operational aircraft, adding that some of them require capital expenditure (CAPEX) for upgrades and improvements. He said six to seven aircraft could be made operational with additional CAPEX.

“The medium-term goal is to expand the fleet from 18 to 38 aircraft over the coming years,” Habib said.

“While the exact timeline has not been specified, the intention is to achieve this within a defined multi-year framework.”

Habib shared leasing brand new aircraft would require time, adding that current delivery slots that are being offered for them are for 2030, 2031 and 2032.

He said that as an interim solution, relatively newer aircraft — around eight to ten years old — can be acquired for the airline.

“If orders are placed now, Boeing or comparable models, as well as Airbus aircraft in the seven-to-ten-year range, could be secured to stabilize and expand short-term operations,” he said. 

Once considered among Asia’s leading airlines, PIA struggled with chronic mismanagement, political interference, overstaffing, mounting debt and operational issues that led to a 2020 ban on flights to the European Union, UK and the US after a pilot licensing scandal.

The EU and the UK lifted the bans, providing fresh momentum to the carrier.