Pakistan International Airlines (PIA) has shortlisted Tewolde Gebremariam, the former chief executive officer (CEO) of Ethiopian Airlines Group, to lead the revival of the national airline, according to a Bloomberg report.
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Citing a source familiar with the matter, the report said the newly privatised airline is aiming to make an official announcement by Sunday, although the appointment is still subject to completion of formal procedures.
Gebremariam previously served as the chief executive of Ethiopian Airlines Group, where he oversaw the airline’s expansion into Africa’s largest carrier and strengthened its network through its Addis Ababa hub.
The report said his selection could support the efforts of the Arif Habib Group-led consortium to revive PIA following its acquisition of a majority stake in the airline.
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PIA has been going through a lengthy privatisation process as part of the government’s plan to divest its majority shareholding and restructure the loss-making national carrier.
In December 2025, Arif Habib Consortium has successfully acquired Pakistan International Airlines under the government-led privatization drive, as PIA privatization deal concluded with a highest bid of Rs 135 billion.
The consortium secured 75 percent shares of the national airline during the third round of bidding, marking one of Pakistan’s most significant privatization transactions in recent years.
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behind PIA’s Rs 135 bln acquisition
According to official details, Lucky Consortium finished second with a closely matched bid of Rs 134 billion, reflecting strong competition among major business groups.
The bidding process progressed through multiple rounds after initial offers failed to meet expectations set by the Privatization Commission and relevant stakeholders.
In the first round, Lucky Consortium offered Rs 101.5 billion, while Airblue submitted a considerably lower bid of Rs 26.5 billion for the airline.
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A consortium led by the Arif Habib Group emerged as the successful bidder with an offer of Rs135 billion for a 75% stake in PIA. The consortium also committed an additional Rs80 billion for future investments.
In April 2026, shareholders of PIA Holding Company Limited approved the divestment of the 75% stake. Later that month, the Arif Habib-led consortium moved to acquire the remaining 25% stake, paving the way for full privatisation of the airline.
Last month, the Privatisation Commission of Pakistan completed the first closing of the transaction and transferred management control of PIA to the consortium after all conditions under the Share Purchase and Subscription Agreement were fulfilled.
