ISLAMABAD: The consortium led by businessman Arif Habib has been given until April 29 to decide whether it will acquire an additional 25 percent stake in Pakistan International Airlines (PIA), Secretary Privatization Commission Usman Bajwa informed the Senate Standing Committee on Privatization on Monday.

Officials told the committee that the decision will determine whether the group expands its ownership as part of the ongoing privatization of the national carrier. The financial closing of the transaction is expected by the end of April if the process proceeds as planned.

Bajwa said the consortium has already started searching for a new chief executive officer and management team to lead the airline after the transition.

Also Read: Arif Habib consortium moves to secure full ownership of PIA under privatisation plan

Committee members were also informed that Fauji Fertilizer Company may join the investor consortium, subject to approval from the Cabinet Committee on Privatization.

As part of the restructuring process, the buyers have established a new entity, PIA Holding Company Limited (PIAHCL), through which the airline will be managed. All shareholders participating in the consortium will be part of this holding company structure.

Officials told the committee that the privatization process is progressing toward financial closure and that no significant hurdles remain at this stage.