AKD Securities Joins Arif Habib Led Consortium in Bid to Buy PIA

The Privatisation Commission Board has approved the inclusion of AKD Group Holdings (Pvt.) Ltd into the consortium led by Arif Habib Corporation Limited (AHCL) in the bidding process for the sale of Pakistan International Airlines Corporation Limited (PIACL). The inclusion was approved under the conditions of the Statement of Qualifications, which strengthens one of the four pre-qualified bidding groups vying for the airline’s privatization. Updating on the matter, Advisor to the Prime Minister Khurram Schehzad said the Board reaffirmed its strong commitment to implementing the government’s privatization agenda with efficiency, transparency, and strategic focus. Members expressed a collective resolve to overcome past challenges and to ensure the timely and successful completion of ongoing transactions in line with the Government of Pakistan’s reform objectives. The Board also approved the inclusion of AKD Group Holdings (Pvt.) Ltd in the consortium led by Arif Habib Corporation Limited (AHCL), upon the consortium’s request. This inclusion is permissible under the conditions stipulated in the Statement of Qualifications (SOQ). The AHCL consortium is among the four pre-qualified parties participating in the privatization process of PIACL. The Board recommended a reference price for the privatization of HBFCL, along with the terms of the Sale Purchase Agreement, for submission to the Cabinet Committee on Privatization (CCoP). The company is being privatized through a negotiated sale to the Pakistan Mortgage Refinance Company Limited (PMRCL), which has been pre-qualified as a bidder. The CCoP and the Federal Cabinet had previously approved proceeding with a negotiated sale to a single pre-qualified bidder in July 2023. PMRCL has submitted its bid, which will be opened after the approval of the reference price by the CCoP and its ratification by the Cabinet.