The consortium led by Arif Habib has been given a deadline of April 29 to confirm whether it will acquire the remaining 25 percent stake in Pakistan International Airlines (PIA), Secretary of the Privatization Commission Usman Bajwa told the Senate Standing Committee on Privatization on Monday.

Officials stated that the consortium has already begun recruiting a new chief executive officer and management team to oversee the airline’s operations.

It was also revealed that Fauji Fertilizer Company may soon become part of the consortium, pending approval from the cabinet committee on privatization.

The buyers have established a new entity, PIA Holding Company Limited (PIAHCL), which will manage the airline. All consortium shareholders will hold stakes in this company, committee members were told.

Secretary Bajwa added that the financial closing of the PIA privatization deal is expected by the end of April, with no significant obstacles remaining to completing the transaction.