KARACHI: The head of the Arif Habib Group on Tuesday pledged to revive Pakistan International Airlines as the consortium’s top priority. He also expressed hope that Fauji Fertilizer would eventually join the effort.
He made these remarks during an interview on Aaj News programme “News Insight with Amir Zia.” The discussion followed confirmation that his consortium emerged as the successful bidder for PIA.
Speaking during the show, the group chief said the consortium includes a strong and diverse set of partners. He said the team has the capacity and experience to handle a turnaround of this scale.
Consortium Cites Proven Turnaround Experience
The Arif Habib Group chief said his consortium has a solid record of reviving struggling companies. He added that the group plans to apply the same turnaround strategy to PIA.
According to him, the partners have experience across multiple sectors. These include manufacturing, services, education, and large-scale investments. He said such experience enables the consortium to manage complex operations. Therefore, he expressed confidence in addressing PIA’s operational and financial issues.
Moreover, he said a significant portion of the bid amount will go directly into the airline. This investment will support operational improvements and financial stability.
Employees Described as Core Strength
The consortium chief placed strong emphasis on PIA’s workforce. He said employees remain the airline’s most valuable asset.
“PIA’s employees are our most important asset,” he said during the interview. He added that the workforce will play a central role in the airline’s recovery. He described PIA staff as the airline’s “stars.” He said their cooperation will help restore profitability.
Furthermore, he said the consortium plans to improve the working environment. He also promised additional facilities for employees.
According to him, staff motivation and professional growth remain essential. Without employee support, he said, no turnaround strategy can succeed.
Details of the Acquisition and Investment Plan
The consortium acquired 75 percent of PIA’s shares for Rs135 billion. The buyer group includes several major Pakistani companies.
These include Arif Habib Corporation Limited and Fatima Fertilizer Company Limited. City Schools Private Limited and Lake City Holdings Private Limited also form part of the consortium.
The group chief said the scale of investment demands growth. He stressed that development remains essential to justify the acquisition.
“Without growth, such a large investment has no value,” he said. Therefore, he said expanding operations and improving performance remain priorities.
Clarification on Assets and Competitive Bidding
Addressing asset-related concerns, the consortium chief clarified the scope of the sale. He said PIA holds some properties, but most assets were excluded.
He said the transaction focused mainly on operational control. Therefore, asset ownership did not drive the bidding strategy. He also addressed competition during the bidding process. Referring to the Lucky Cement-led consortium, he acknowledged it as a respected group.
“It is a large and credible group,” he said. However, he added that success depends on offering the highest bid.
Global Advisors and Long-Term Vision
The Arif Habib Group chief said the consortium has engaged top global advisors. He added that skilled local professionals are also part of the team.
According to him, these advisors will guide restructuring efforts. They will also support strategic planning and operational reforms.
Recalling PIA’s historic reputation, he spoke of a long-term vision. He said the airline once ranked among the world’s leading carriers.
“There was a time when PIA was considered the second-best airline in the world,” he said. He added that restoring that status remains the ultimate goal. He concluded by expressing confidence in the consortium’s plan. He said disciplined management and investment will help PIA regain its standing.
