Pakistan International Airlines majority stake acquired by consortium
Pakistan International Airlines has a new majority owner.
The Arif Habib consortium submitted a winning bid worth $482 million for a 75% stake in the state-run airline.
The consortium is led by the Pakistan based investment firm.
The auction, featuring three bidders, was televised.
The sale of PIA was in part mandated by the International Monetary Fund as a condition tied to Pakistan receiving bailout funding.
PIA was once a major player and well regarded, but has suffered years of mismanagement and wasteful funding.
It currently has a fleet of 32 aircraft.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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