Islamabad, Dec. 24 -- : Meeting a central condition of its IMF-backed reform programme, Pakistan on Tuesday, Dec 23, completed its most significant privatisation drive in nearly two decades, selling a 75 per cent stake in loss-making Pakistan International Airlines for PKR135 billion (USD480m) to a consortium led by Arif Habib Corporation.
The transaction, officials stressed, was structured primarily to revive the national carrier rather than bolster the treasury.
Of the total proceeds, only PKR 10.125bn (USD36m), or 7.5 per cent, will flow to the federal exchequer, while PKR 124.875bn (USD444m) will be reinvested directly into the airline. The post-deal valuation of PIA stands at around PKR 180bn (USD640m), according to officials, report...