Pakistan has finalized the sale of a 75% stake in its national carrier, Pakistan International Airlines (PIA), to Arif Habib Investment for $482 million. The auction, broadcast live on state television, saw participation from three domestic bidders. Arif Habib Investment emerged as the top bidder with an offer of 135 billion Pakistani rupees, narrowly surpassing a consortium led by Lucky Cement, which offered 134 billion rupees. Private airline Air Blue placed a distant third bid of 26.5 billion rupees.

Prime Minister Shehbaz Sharif described the transaction as one of the largest in Pakistan’s history, emphasizing transparency throughout the process. The deal also grants Arif Habib Investment the option to acquire the remaining 25% of PIA shares in the coming months. The privatization move follows a failed attempt last year, as the government seeks to reduce losses and modernize the struggling airline.

Analysts say the sale could mark a turning point for Pakistan’s aviation sector, though challenges remain in restructuring operations and restoring PIA’s global reputation.