The privatization process of the Pakistan International Airlines was concluded Thursday with the signing of transaction documents between the Government of Pakistan and the Arif Habib Consortium, reported 24NewsHD TV Channel.
A ceremony to sign the shareholders, the share purchase and subscription agreement was held in Islamabad today.
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.
On the occasion, Prime Minister Shehbaz congratulated the nation on the completion of Pakistan International Airlines’ (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.
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.
The Arif Habib-led consortium had won the auction for 75 per cent shares of PIA in December last year, making a winning bid of Rs135 billion.
After the documents were signed, PM Shehbaz said, “I want to congratulate the entire nation from the bottom of my heart on the completion of PIA’s privatisation, the process for which began a month ago.”
He commended Arif Habib — chairman of the investment firm that headed the consortium that won the auction for PIA — and his team, terming them “committed business ambassadors of Pakistan”.
“Their performance in the industrial growth and progress of Pakistan is very prominent,” he added.
He said as Habib had also stated, speaking before him, the businessman’s first priority would be ensuring comfortable travel for passengers, their safety and respect.
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.