PIA bidder proposes reinvestment of proceeds

In an attempt to expand footprint into new sectors of the economy including aviation and corporate farming, renowned businessman Arif Habib has proposed that the government should reinvest the proceeds from the privatisation of Pakistan International Airlines (PIA) back into the national carrier, as the state will continue to hold a 49% stake. Arif Habib Corporation is part of one of the six consortiums which have been pre-qualified for offering bids for the airline sometime in August 2024. Addressing media about his company’s plans to further diversify the Arif Habib Group’s business portfolio, Group Chairman Habib said PIA was carrying a negative equity of Rs50-55 billion and liabilities of Rs200 billion. The government should reinvest the privatisation proceeds in the airline instead of using them for other purposes. “This will help fix the airline’s issues soon and earn profit in future.”