{"id":174,"date":"2026-01-29T13:48:59","date_gmt":"2026-01-29T13:48:59","guid":{"rendered":"https:\/\/foreignnewstoday.com\/?p=174"},"modified":"2026-01-29T13:48:59","modified_gmt":"2026-01-29T13:48:59","slug":"pm-shehbaz-congratulates-nation-on-completion-of-pias-privatisation","status":"publish","type":"post","link":"https:\/\/foreignnewstoday.com\/?p=174","title":{"rendered":"PM Shehbaz congratulates nation on completion of PIA\u2019s privatisation"},"content":{"rendered":"


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Prime Minister Shehbaz Sharif congratulated the nation on Monday on the completion of Pakistan International Airlines\u2019 (PIA) privatisation as he, alongside Chief of Defence Forces and Army Staff Field Marshal Asim Munir, witnessed the signing of documents pertaining to the transaction.<\/p>\n

The documents were signed by the government and a consortium led by Arif Habib Corporation Limited at a ceremony in Islamabad, where several federal ministers were also present.<\/p>\n

The Arif Habib-led consortium had won the auction<\/a> for 75 per cent shares of PIA in December last year, making a winning bid of Rs135 billion.<\/p>\n

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After the documents were signed, PM Shehbaz said, \u201cI want to congratulate the entire nation from the bottom of my heart on the completion of PIA\u2019s privatisation, the process for which began a month ago.\u201d<\/p>\n

He commended Arif Habib \u2014 chairman of the investment firm that headed the consortium that won the auction for PIA \u2014 and his team, terming them \u201ccommitted business ambassadors of Pakistan\u201d.<\/p>\n

\u201cTheir performance in the industrial growth and progress of Pakistan is very prominent,\u201d he added.<\/p>\n

He said as Habib had also stated, speaking before him, the businessman\u2019s first priority would be ensuring comfortable travel for passengers, their safety and respect.<\/p>\n

The premier recalled that the airline had peaked in the 1960s, adding that he resolutely believed that Habib and his team would make PIA scale even greater heights.<\/p>\n

Earlier, as the ceremony commenced, Adviser to the PM on Privatisation Muhammad Ali thanked the premier and the army chief for their \u201cimmense hard work\u201d and \u201csupport\u201d in the process of PIA\u2019s privatisation.<\/p>\n

\u201cHad it not been for their guidance and engagement, we would not be here today. I have no qualms in saying that today we are here because of their efforts,\u201d Ali said.<\/p>\n

He said today\u2019s signing marked \u201cone of the most significant milestones undertaken by the current government\u201d, adding that the transaction was completed in a very efficient and transparent manner. And the highest bidder won the auction for PIA after a competitive process, he said.<\/p>\n

The PM\u2019s adviser further stated that the airlines\u2019 privatisation had turned out to be \u201clargest transaction in the history of privatisation in Pakistan\u201d.<\/p>\n

\u201cUnder this transaction, the investment by all consortium members will add up to Rs180bn, which is equivalent to around $650 million. From this amount, Rs125bn, which is equivalent to $450m, will be invested in PIA and Rs55bn, equivalent to $200m, will be paid to the government,\u201d he detailed.<\/p>\n

The growth capital invested in PIA would be used for fleet expansion, service improvement, private-sector management and to take the airline \u201cback to its glory days\u201d, he continued.<\/p>\n

Ali said PIA\u2019s privatisation had proved that \u201cPakistan means business\u201d.<\/p>\n

Moreover, he added, \u201cit has also shown that our privatisation programme is aggressive, that the government has decided to sold its loss-making and commercial enterprises, and most importantly, that we have the capacity to structure complex transactions\u201d.<\/p>\n

And the transaction had also proved that Pakistan\u2019s local entrepreneurs were not shying away from large ticket items and large investment, and that they would participate in Pakistan\u2019s next growth story, Ali concluded.<\/p>\n

After him, Habib addressed the ceremony and said, \u201cWe consider ourselves very lucky that we volunteered for this national cause.\u201d<\/p>\n

He said the entire investment under the transaction was \u201c100pc equity\u201d.<\/p>\n

Habib further said PIA\u2019s privatisation was an endorsement of the business sentiment in Pakistan being \u201cvery positive\u201d.<\/p>\n

He further stated that the biggest beneficiaries of this transactions would be people, who would avail the airlines improved services. He added that they had held a meeting with aircraft manufacturer Boeing and would hold another one with Airbus.<\/p>\n

\u201cWe are exploring more options as well,\u201d he said, adding that his consortium would get PIA\u2019s control in three months and until then, the consortium\u2019s teams was working very hard.<\/p>\n

\u201cI assure the prime minister that we will fulfil your expectations. Our consortium believes that we are doing this for our respect. We responded to the government\u2019s call, and if will accomplish this task, it will show that even businessmen are soldiers. So my request is to keep guiding us,\u201d he said.<\/p>\n

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More to follow<\/em><\/p>\n