ISLAMABAD – Another historic day for Pakistan aviation landscape with official privatization of Pakistan International Airlines (PIA). The loss making air carrier reached critical milestone today as acquisition agreement was officially signed in Islamabad.
The high-profile ceremony was attended by Prime Minister Shehbaz Sharif and Chief of Defence Forces and Army Chief, Field Marshal Asim Munir, aling with minister and business group members.
The agreement was signed between Government of Pakistan and a consortium led by Arif Habib Corporation, the very group that won last December’s competitive bid to acquire 75% of PIA’s shares for a staggering Rs135 billion.
Speaking at the ceremony, Prime Minister’s Advisor on Privatization, Muhammad Ali, expressed profound gratitude to the Prime Minister and the Army Chief, stressing that without their guidance and unwavering support, reaching this historic stage would have been impossible. Ali described signing as a major milestone in the government’s reform agenda, highlighting that the privatization process was executed efficiently, transparently, and with complete accountability.
This monumental step signals a new era for Pakistan’s flag carrier, promising revitalization and stronger performance under private management, and marks a key achievement of the current government’s economic reforms.
Arif Habib plans to expand PIA fleet from 38 to 65 aircraft after takeover
