ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has welcomed the First Financial Closing of Pakistan International Airlines Corporation Limited (PIACL) and greeted the nation on this historic milestone in the privatization history of Pakistan.
The Privatisation Commission of Pakistan today achieved the First Closing of the divestment of 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 (SPSA).
The successful completion of the First Closing of the PIA privatisation transaction is a moment of real satisfaction for my government and for the people of Pakistan, said Prime Minister Shehbaz Sharif. It demonstrates that complex, strategic transactions can be delivered transparently, competitively, and on time through team work and “Whole of the Government Approach”. More importantly, it opens a new chapter for PIA and for our broader economic reform agenda, he added. Today’s milestone achievement sends a strong signal to domestic and international investors: Pakistan is open for business, committed to reform, and ready for growth, said PM Shehbaz Sharif.
With this First Closing, we move closer to reviving PIA to its past glory, said the Prime Minister. The Government remains committed to protecting the interests of employees, passengers and consumers while ensuring a smooth transition and uninterrupted airline operations. All applicable aviation laws and regulatory oversight will continue to apply.
Prime Minister commended the role and hard work of Deputy Prime Minister Mohammad Ishaq Dar.
The Prime Minister paid tribute to Field Marshal Syed Asim Munir and his dedicated team for this teamwork.
PM also commended the role of Minister for Defence Khawaja Asif, Finance Minister Muhammad Aurangzeb, Advisor on Privatization Muhammad Ali and members of the Cabinet Committee on Privatization and Privatisation Commission in making this transaction success.
