Which consortium won the bid for a 75% stake in PIA in its December 2025 privatization?

Correct answer: Arif Habib Consortium. The consortium led by the Arif Habib Group (with AKD Group, Fatima Fertilizer, The City School, and Lake City Holdings) won on 23 December 2025 with a bid of Rs135 billion for a 75% stake in PIA.

• Lucky Cement Consortium: The Lucky Cement–led consortium was the runner-up with a final offer of Rs134 billion.
• Airblue: Airblue bid only Rs26.5 billion, far below the reference price, and was eliminated in the first round.
• None of these: “None of these” is incorrect because the Arif Habib consortium won.