Lt Gen (retd) Anwar Ali Hyder named first chairman of privatized PIA [Read Profile]

KARACHI – Lt Gen (retd) Anwar Ali Hyder has been named the inaugural chairman of Pakistan International Airlines Corporation Limited (PIACL) after management of the national carrier formally shifted to a consortium led by Arif Habib Corporation. Hyder, who is also the Managing Director of Fauji Foundation, will oversee the airline’s board as it begins a new phase under private ownership. The new leadership is expected to drive modernization, operational improvements, and long-term growth through fresh private-sector investment. The announcement comes after the administrative control of national flag carrier was formally transferred to PIA Equity Ltd, a special-purpose vehicle of the Arif Habib Consortium, following the successful completion of the first financial close and all required regulatory approvals. The landmark transaction, worth Rs180 billion, is largest privatisation deal ever completed in Pakistan. It includes Rs125 billion in fresh investment to revive the struggling airline, while Rs55 billion will be paid to the government as proceeds from the sale. The consortium has already deposited an initial Rs1 billion as part of the takeover process. The fresh capital will be directed towards renewing the fleet, expanding domestic and international destinations, improving operational efficiency and upgrading passenger services, with the aim of transforming PIA into a modern and financially sustainable airline. PIA Equity Ltd is backed by some of Pakistan’s leading business groups, including the Arif Habib Group, Fatima Fertiliser Company, Fauji Fertiliser Company, Lake City Holdings, The City School, and AKD Group Holdings. The Second Closing is scheduled to take place within twelve months of the First Closing, in accordance with the terms of the SPSA, whereby the consortium has committed to invest a further Rs.45 billion into PIACL. The consortium which has also served its intent to buy the remaining 25% of the PIACL shares as a Call option under the SPSA for