Pakistan on Tuesday sold its state-owned airline, Pakistan International Airlines Corporation Limited (PIACL), to a private company. The sale was organised through a bidding process in Islamabad which marks the biggest transaction in Pakistan’s history.
Investment firm Arif Habib won the auction with a bid of 135 billion Pakistani rupees. This amount is equal to about 43 billion Indian rupees. The deal is important for Pakistan as it is the first major privatisation in almost 20 years.
The three companies which took part in the auction were Lucky Cement, private airline Airblue, and investment firm Arif Habib. All three submitted sealed bids in a transparent box. When the box was opened, Arif Habib emerged as the highest bidder.
According to the bidding details, Arif Habib offered 115 billion Pakistani rupees, Lucky Cement bid 105.5 billion rupees, and Airblue bid 26.5 billion rupees. Arif Habib later secured the airline for a final price of 135 billion rupees.
Who is Arif Habib?
Arif Habib is a well-known Pakistani businessman and philanthropist. He is the founder of the Arif Habib Group, which invests in sectors such as financial services, real estate, cement, fertiliser, energy, and steel.
He started his career as a stockbroker at the Karachi Stock Exchange in 1970 and was elected president of the exchange several times. He is known for buying stakes in government-owned companies during privatisation drives.
Arif Habib is also active in charity work through the Arif Habib Foundation, which supports healthcare, education, and social welfare projects. He has received several awards, including the Sitara-e-Imtiaz, one of Pakistan’s highest civilian honors. Media reports estimate his personal wealth at around 500 million US dollars.
Indian Connection
Arif Habib’s family originally came from Bantva in the Junagadh district of Gujarat, India. After the Partition in 1947, his family moved to Karachi, Pakistan, leaving behind their property and tea business in Gujarat. Arif Habib was born and raised in Karachi.
