Documents were formally exchanged between Defence Secretary and Arif Habib, marking the official transfer of control and responsibility for Pakistan’s national carrier
By S.M. Inam/Asghar Ali Mubarak
ISLAMABAD: The long-awaited privatization of Pakistan International Airlines (PIA) concluded on Monday with the formal signing of transaction documents between the Government of Pakistan and the Arif Habib Consortium, marking a historic shift in the management of the nation’s flagship carrier.
The ceremony, held in Islamabad, saw the exchange of the shareholders’ agreement and the share purchase and subscription documents, attended by top political and military leadership. Prime Minister Shehbaz Sharif and Chief of Army Staff and Chief of Defence Forces, Field Marshal Syed Asim Munir, were present at the event, highlighting the significance of the transaction for both national prestige and economic reform.
The signing involved senior officials and business leaders, including Defence Secretary Lieutenant General (retd) Muhammad Ali, Secretary Privatization Commission Usman Bajwa, CEO PIA Holding Company Asad Rasool, Chairman Arif Habib Corporation Limited Arif Habib, and other key representatives from corporate partners and educational institutions, reflecting the broad support for the privatization initiative.
During the ceremony, documents were formally exchanged between Defence Secretary Muhammad Ali on behalf of the Government of Pakistan and Arif Habib for the consortium, symbolizing the transfer of control and responsibility for Pakistan’s national carrier.
In his remarks, Prime Minister Sharif expressed optimism that the Arif Habib Consortium would elevate PIA to new standards of service and efficiency. “Passenger comfort, respect, dignity, and safety must remain the top priorities of the airline’s new administration,” he said, stressing the importance of punctuality, modernized cabin and ground services, and professional management practices delivered with a welcoming and courteous attitude.
Arif Habib, who now assumes the role of custodian of PIA, said the consortium’s investment was entirely equity-based. Of the total 180 billion rupees investment, 55 billion would go to the national treasury, while the remainder would be directly invested in the airline’s development. He added that the involvement of local entrepreneurs in the privatization process reflected a strengthening business environment in the country.
Arif Habib also highlighted that ordinary citizens would be the primary beneficiaries of the transaction, with improvements expected in airline services, acquisition of new aircraft, and overall enhancement of the PIA experience.
The completion of this privatization marks a key milestone in Pakistan’s broader efforts to reform state-owned enterprises, promising to blend private-sector efficiency with national strategic interests while aiming to restore the airline’s reputation both domestically and internationally.
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