Govt hands over management control of PIACL to new owners
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PM Shehbaz felicitates Pakistani nation as PIA soars into privatization era The Privatisation Commission of Pakistan on Monday achieved the First Closing of the divestment of Pakistan International Airlines Corporation Limited (PIACL) through privatisation, transferring management control of the airline to the investor consortium led by Arif Habib Corporation Limited, following satisfaction of all conditions precedent under the Share Purchase and Subscription Agreement. The successful completion of the First Closing of the PIA privatisation transaction marks a significant milestone in the Government of Pakistan’s economic reform programme. It reflects the Government’s commitment to implement a transparent, competitive and investor-friendly privatisation agenda under the leadership of the Honourable Prime Minister, Mian Muhammad Shehbaz Sharif, who has consistently championed a greater role for the private sector as a driver of sustainable economic growth, investment and employment. The Privatisation Commission has highly commended the support and guidance of Deputy Prime Minister, Mohammad Ishaq Dar, Finance Minister and Cabinet Committee on Privatisation. Since execution of the SPSA on 29th January 2026, the Privatisation Commission and other GoP stakeholders including Ministry of Defence, completed a challenging Condition Precedents under the SPSA. These included domestic and overseas regulatory approvals, lessors and commercial consents, aviation policy reforms, corporate approvals, restructuring of taxation relating legacy liabilities, aircraft financing arrangements, governance changes, tax-related matters, airport infrastructure arrangements, and the provision of transaction security by the investor consortium. The Conditions Precedent were completed within an exceptionally compressed timeframe while maintaining uninterrupted air-line operations, preserving critical commercial relationships and aviation certifications, protecting employees’ interests, and ensu