The privatization process of the Pakistan International Airlines concluded today with the signing of transaction documents between the Government of Pakistan and the Arif Habib Consortium.
A ceremony to sign the shareholders, the share purchase and subscription agreement was held in Islamabad.
Prime Minister Shehbaz Sharif as well as Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir attended the ceremony.
Defence Secretary Lieutenant General retired Muhammad Ali, Secretary Privatization Commission Usman Bajwa, CEO PIA Holding Company Asad Rasool, Chairman Arif Habib Corporation Limited Arif Habib, Director Fatima Fertilizer Fazal Ahmed, CEO Lake City Gohar Ejaz, Ms Farhana Feroze from City School, and CEO of PIACL Amir Hayat signed the documents.
Secretary Defence Lieutenant General retired Muhammad Ali from Government of Pakistan and Arif Habib from Arif Habib Corporation Limited exchanged the documents.
Speaking on the occasion, Prime Minister Shehbaz Sharif expressed confidence that the Arif Habib Consortium, through its untiring efforts, would take Pakistan International Airlines to new heights by providing the best travel facilities to the people.
He said passengers’ comfort, respect, dignity, and safety should be the top priorities of PIA’s new administration. He expressed hope that, through strong professional acumen, the new management would ensure punctuality and bring improvements in PIA’s overall performance, cabin services, information systems, and ground services, all delivered with a welcoming and courteous attitude.
In his remarks, Arif Habib, the new custodian of PIA, said the entire investment is based on one hundred percent equity. He said fifty-five billion out of the total 180 billion rupees would go to the government treasury, while the remaining amount would be invested in the development of the company.
Arif Habib further said the involvement of local entrepreneurs in the privatization of PIA reflects a positive business environment in the country. He added that the people of Pakistan would be the foremost beneficiaries of this transaction, as airline services would be improved and new aircraft would be acquired.
