PIA privatisation: Arif Habib consortium wins bid with Rs135bn offer

The Arif Habib Corporation Limited–led consortium acquired a majority stake in Pakistan International Airlines (PIA) with the highest bid of Rs135 billion in an auction held for the privatisation process of the national flag carrier on Tuesday. Arif Habib raised its bid from Rs115 billion to Rs135 billion after the Lucky Cement Limited–led consortium increased its earlier bid of Rs101.5 billion to Rs134 billion in the second round of the open-bidding.