Pakistan's PIA Sold for Rs 135 Billion to Arif Habib Consortium in Historic Privatization

• Pakistan's debt-ridden national airline, PIA, was sold for Rs 135 billion after an aggressive bidding process in Islamabad.
• The Arif Habib consortium emerged victorious, outbidding Lucky Cement and Airblue.
• Arif Habib stated the privatization will promote investment in Pakistan and plans to bring in foreign airlines.
• The sale initially involves 75% of PIA shares, with the winner acquiring the remaining 25% within 90 days.
• PM Shehbaz Sharif lauded the sale as a 'historic day for Pakistan,' emphasizing its role in privatizing loss-making state-owned enterprises.

Why It Matters: Pakistan's national airline PIA sold for Rs 135 billion to Arif Habib consortium, marking a historic privatization.