Prime Minister Muhammad Shehbaz Sharif on Tuesday described the privatisation of Pakistan International Airlines (PIA) as a historic milestone for the country, calling it a crucial step in the government’s ongoing efforts to reform loss-making state-owned enterprises.
The government completed the sale of a 75 percent stake in the national carrier for Rs135 billion, ending years of stalled attempts to privatise PIA. The Arif Habib consortium, comprising Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, City Schools (Private) Limited and Lake City Holdings (Private) Limited, secured the managing stake. Of the total amount, Rs10.12 billion will be received in cash, while the remainder will be invested in the airline to support its operations.
In his statement, the prime minister congratulated Deputy Prime Minister and Foreign Minister Ishaq Dar, Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir, Defence Minister Khawaja Asif, Finance Minister Senator Muhammad Aurangzeb, Adviser on Privatisation Muhammad Ali, and their teams for conducting the process with transparency and professionalism.
Shehbaz Sharif said the strong participation of leading business groups and seasoned investors reflected confidence in Pakistan’s economy and future prospects. “Regardless of which consortium emerged successful, Pakistan is the ultimate winner,” he added.
He emphasised that the PIA transaction is part of a broader programme to restructure and reform state-owned enterprises, pledging to continue economic reforms with determination to ensure a stronger and more sustainable economic future.
