The consortium led by Arif Habib Corporation Limited (AHCL) has notified the Privatisation Commission of its intent to acquire the remaining 25% equity stake in Pakistan International Airlines Corporation Limited (PIACL), paving the way for full private-sector ownership of the national carrier.Arif Habib-led group won a 75% stake in the national flag carrier for Rs135 billion ($484 million) in Dec., in a bid to take control of the airline struggling for decades with operational inefficiencies, an ageing fleet, losses and political intervention. The bidding group also includes Fatima Fertiliser Co, Fauji Fertiliser Co and AKD Group.According to a press release issued by the Privatisation Commission today, the notice of intent to acquire the remaining 25% equity stake (call option) has been accompanied by the requisite standby letter of credit and will be exercised in accordance with the terms of the SPSA.”Total private-sector investment in the transaction is expected to amount to approximately Rs180bn, comprising a minimum of Rs55bn payable to the Government of Pakistan as divestment proceeds, and Rs125bn to be injected as fresh equity into PIACL to support the airline’s recapitalisation,” it said.The planned equity injection will support fleet expansion and modernisation, route development, and improvements in customer service and operational systems, the statement added.The commission said that the management control is expected to be transferred on or before May 25, 2026, the first closing date announced by the Privatisation Commission, subject to the fulfilment of Conditions Precedent set out in the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026.