ISLAMABAD: The privatization process of PIA concluded today with the formal signing of transaction documents between the government of Pakistan and the Arif Habib Consortium.
A significant ceremony, marking the signing of the shareholders, share purchase and subscription agreement, took place in Islamabad. The event was attended by Prime Minister Shehbaz Sharif, Chief of Army Staff Field Marshal Syed Asim Munir and Chief of Defence Forces, along with several key figures from both the government and the private sector.
In a formal exchange of documents, Secretary Defence Lieutenant General (retired) Muhammad Ali and Arif Habib from the Arif Habib Corporation completed the final steps in the transaction.
During his address, Prime Minister Shehbaz Sharif expressed confidence that the Arif Habib Consortium would elevate Pakistan International Airlines to new heights.
He said the focus of the new administration should be on passenger comfort, safety, dignity, and respect, with the goal of improving overall service quality, including punctuality, cabin services, and ground operations.
Arif Habib, who now becomes the custodian of PIA, explained that the entire investment in the airline is based on 100% equity. He said 55 billion rupees of the total 180 billion rupees would be directed into the government treasury, while the remaining funds would be reinvested in the company’s growth and development.
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