PIA privatisation completed as consortium takes control

Pakistan has completed the privatisation process of Pakistan International Airlines (PIA), with the PIA Equity Limited Consortium taking control of the national flag carrier in what officials described as the largest privatisation process in the country’s history, reported 24NewsHD TV channel on Monday.

According to the details, PIA shares have been transferred to the PIA Equity Limited Consortium upon completion of the financial close.

The government received Rs180 billion from the privatisation of PIA.

Following the completion of the process, a new board of directors has been formed for the airline.

Lt. Gen. (retd) Anwar Ali Haider has been nominated as chairman of the PIA Board of Directors.

Gohar Ijaz, Arif Habib, Fazal Sheikh, Aqeel Karim Dhedi and Farzana Feroze have been nominated as members of the board.

The PIA Equity Limited Consortium includes Lake City, Fatima Group and Fauji Group. AKD, Arif Habib and City School are also part of the consortium.

The transfer of shares and formation of the new board mark the formal handover of management control of the airline to the consortium.

PIA had long remained one of the country’s most financially stressed state-owned enterprises, with successive governments considering privatisation as part of broader efforts to reduce losses and restructure public-sector entities.

Officials said the completion of the transaction was a major step in the government’s privatisation programme.

The new board is expected to oversee the restructuring and future operations of the airline after the change in ownership and management control.

Reporter: Waqas Azeem