Islamabad: The privatization process of Pakistan International Airlines (PIA) concluded today with the signing of transaction documents between the Government of Pakistan and the Arif Habib Consortium. A ceremony to mark the occasion was held in Islamabad, attended by prominent figures including Prime Minister Shehbaz Sharif, Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir.

According to Radio Pakistan, the event saw 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 among the signatories of the shareholders, share purchase, and subscription agreement. The documents were exchanged between Secretary Defence Lieutenant General retired Muhammad Ali and Arif Habib.

Prime Minister Shehbaz Sharif expressed his confidence in the Arif Habib Consortium's potential to elevate PIA's stature by offering superior travel facilities. He emphasized that the new administration should prioritize passengers' comfort, respect, dignity, and safety. He also expressed hope that the new management would enhance PIA's punctuality, overall performance, cabin services, information systems, and ground services with a welcoming attitude.

Arif Habib, representing the new administration of PIA, stated that the entire investment in the airline is based on full equity. He detailed that fifty-five billion out of the total 180 billion rupees would be directed to the government treasury, with the remainder invested in developing the company. He highlighted the significance of local entrepreneurs' involvement in the privatization, indicating a positive business climate in Pakistan. Habib assured that the people of Pakistan would greatly benefit from this transaction through improved airline services and the acquisition of new aircraft.