Businessman Arif Habib has dismissed claims circulating on social media that Pakistan International Airlines (PIA) was sold at a throwaway price, clarifying that the national carrier effectively had zero book value at the time of the transaction.
He explained that the acquiring consortium purchased a 75 per cent stake for Rs135 billion because PIA’s liabilities were almost equal to its assets, leaving no real equity on the balance sheet. According to Habib, the airline’s net asset value stands at around Rs25 billion, largely due to deferred tax assets, rather than operational strength.
Addressing concerns about future operations, Habib said that loss-making routes will be shut down to prevent further financial drain, unless the government decides to subsidise strategic or socially necessary routes.
He described the acquisition as a critical step toward PIA’s revival, stating that financial restructuring and operational reforms are essential to turn the airline into a sustainable and commercially viable entity.
