PIA’s new owners plan IPO within a year of takeover: report

The new owners of Pakistan International Airlines (PIA) plan to launch an initial public offering (IPO) within a year of assuming operational control, according to a report by Bloomberg.

Aqeel Karim Dhedhi, chairman of AKD Group, told the media outlet that the consortium intends to list between 5% and 10% of the airline. Dhedhi holds a 16% stake in the group that acquired a 75% stake in PIA for Rs135 billion.

The consortium, led by Arif Habib, is expected to take control in April 2026. Under the current ownership structure, the government retains a 25% stake while management authority rests with the private sector group.

Dhedhi said the airline aims to regain market share by expanding direct international routes. He noted that passengers currently rely on transit flights operated by carriers based in Qatar, Abu Dhabi, Saudi Arabia and Turkey, and said the airline would seek to attract travellers by offering non-stop services.

Earlier, Arif Habib outlined plans to restore PIA’s full fleet, stating that all 34 aircraft are expected to be serviceable by September 2026.

The privatisation of PIA marked one of the largest sales of a state-owned enterprise in recent years, as the government moved to divest loss-making entities. The airline had accumulated significant liabilities over time, with borrowing supported by government guarantees and rising interest costs contributing to its financial strain.