Canadian-Based Pakistani Expat Group Bids $358 Million to Acquire PIA

A Canadian business group led by Pakistani expatriate Faqir Muhammad M Ali has put forward an offer of around Rs100 billion ($358 million) to acquire Pakistan International Airlines (PIA). In a letter dated November 3, the Al-Nihang Group has expressed its intent to purchase PIA, Pakistan’s national airline, and assume comprehensive ownership along with full responsibility for PIA’s substantial liabilities, which total approximately Rs250 billion ($896 million).

The offer letter, addressed to Pakistan’s ministries of aviation, defence, and privatisation, as well as to the Establishment Division and Planning Commission, outlines the group’s commitment to retain all PIA employees for a period of 2-3 years, providing salaries and benefits during that time.

The Al-Nihang Group’s CEO, Faqir Muhammad M Ali, noted PIA’s significance as a national carrier and highlighted his previous role in negotiating an airline treaty between Pakistan and Canada. He has previously served as a senator in Pakistan and as president of the Pakistan Canada Association of Hamilton.

As of now, Pakistani authorities have not responded to the offer. While little is known about Al-Nihang’s group, the proposal has sparked interest due to its potential impact on PIA’s future and the aviation sector.