Pakistan's competition regulator has approved the acquisition of PIA - Pakistan International Airlines (PK, Islamabad International) by PIA Equity Limited, clearing another regulatory step towards the full privatisation of the flag carrier. The special purpose vehicle was incorporated by a consortium comprising Arif Habib Corporation, Fatima Fertiliser Company, Lake City Holdings, City Schools, and AKD Group Holdings. The regulator also said that the new owner had formally moved to acquire the remaining 25% stake in PIA, as was the consortium's goal.