ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Monday welcomed the first financial closing of Pakistan International Airlines Corporation Limited (PIACL), describing it as a historic milestone in the country’s privatization journey and a major step forward in the government’s economic reform agenda.
Congratulating the nation, PM Sharif, in a statement, said the successful completion of the first closing demonstrates that complex and strategic transactions can be executed transparently, competitively, and on time through a whole-of-government approach.
He said the achievement sends a strong message to domestic and international investors that Pakistan is open for business, committed to reforms, and ready for sustainable economic growth.
Shehbaz Sharif said the first financial closing marks the beginning of a new chapter for PIA and brings the national flag carrier closer to regaining its past glory.
He assured that the government remains committed to protecting the interests of employees, passengers, and consumers while ensuring a smooth transition and uninterrupted airline operations under all applicable aviation laws and regulatory oversight.
The Prime Minister commended Deputy Prime Minister Ishaq Dar, Field Marshal Syed Asim Munir and his team, Defence Minister Khawaja Asif, Finance Minister Muhammad Aurangzeb, Adviser on Privatization Muhammad Ali, members of the Cabinet Committee on Privatization, and the Privatisation Commission for their collective efforts in making the transaction successful.
Earlier, in a statement, the Privatisation Commission announced that management control of PIACL has formally been transferred to the investor consortium led by Arif Habib Corporation Limited after fulfilling all conditions under the Share Purchase and Subscription Agreement (SPSA).
The restructured board has appointed Lt Gen (Retd) Anwar Ali Haider as Chairman of the privatized airline.
According to a statement from the the commission, over 40 regulatory, commercial, contractual, taxation, governance, and financing conditions were completed before the first closing, including approvals from domestic and international aviation authorities and aircraft lessors.
PIA also made a similar statement separately towards the Monday evening.
Under the agreement, the investor consortium has paid Rs 10 billion to the government as sale proceeds and injected Rs 80 billion as fresh equity into PIACL. The investment will strengthen the airline’s financial position, support fleet expansion and modernization, enhance operational performance, expand the route network, and improve customer services.
The Arif Habib-led consortium acquired a 75 percent stake in PIACL for Rs135 billion during the competitive bidding process completed in December 2025.
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