An important milestone in the privatisation of Pakistan International Airlines (PIA) was completed on Thursday, as the agreement for the transaction was formally signed during a ceremony held in Islamabad.
Prime Minister Shehbaz Sharif and Chief of Defence Forces (CDF) Field Marshal Asim Munir were present at the event. Addressing the ceremony, PM Shehbaz said that the privatisation process was carried out in a transparent manner. He expressed hope that the national airline would soon regain its former stature, adding that improved services would enhance its dignity.
He acknowledged the role of Field Marshal Asim Munir and the government team in the successful completion of the privatisation process.
Prime Minister’s Adviser on Privatisation, Muhammad Ali, thanked the prime minister and the Army Chief, stating that without their guidance and full support, the completion of the privatisation process would not have been possible.
He termed the ceremony as a significant milestone achieved by the present government, noting that the PIA privatisation transaction was completed in an effective and transparent manner and formed a key part of the government’s reform agenda.
Muhammad Ali said that under the agreement, the consortium would make a total investment of Rs180 billion, equivalent to approximately $650 million. Of this amount, Rs125 billion, or $450 million, would be invested directly into the PIA, while Rs55 billion, equivalent to $200 million, would be paid to the government.
It may be recalled that Arif Habib Corporation Limited won the bid in December last year to acquire a 75 per cent stake in PIA for Rs135 billion.
