Prominent businessman Arif Habib has said that Fauji Fertilizer Company (FFC) has emerged as the single largest shareholder in Pakistan International Airlines (PIA) following its privatization, holding a 33.9 per cent stake.
Speaking at a ceremony held at the Pakistan Stock Exchange to celebrate PIA’s privatization, Habib said that the Arif Habib Group and Fatima Group jointly hold a 34 per cent share in the national carrier, while FFC owns 33.9 per cent.
Habib revealed that Field Marshal Asim Munir had invited business leaders to participate in the privatization process.
“He (COAS) said that we want a Pakistani group to acquire PIA,” Habib said, adding that he suggested the inclusion of a military-backed group in what he described as a noble cause.
He further said that the new investors are in talks with Airbus and Boeing to induct 20 aircraft into PIA’s fleet. According to Habib, both manufacturers have offered to provide 10-year-old aircraft on an expedited basis.
PIA’s privatization comes after years of mounting financial losses, heavy debt and operational challenges that placed significant strain on the national exchequer. Successive governments had attempted to restructure or privatize the airline, but faced political resistance and regulatory hurdles.
