An important milestone in the history of Pakistan International Airlines has been crossed, the full ownership rights of PIA Equity Limited have been handed over to the Arif Habib Consortium.
According to the details, after the privatization process of Pakistan International Airlines was completed in a transparent manner, its 100 percent ownership rights have been handed over to the Arif Habib Consortium.
According to the Chairman PIA Equity Limited, this administrative transfer is an important milestone towards modernizing the national airline and restoring its glorious prestige at the global level.
He said that the change of ownership of PIA is the result of a transparent, comprehensive and competitive privatization process, which aims to revitalize the national airline and strengthen its operations. In this regard, compliance with all domestic and international regulatory laws, consent of global creditors and completion of necessary tax matters have been ensured, after which, from today, the ownership and management of PIA has been formally handed over to a consortium of leading Pakistani business entities.
PIA Equity Limited is a special purpose vehicle (SPV) established under the leadership of the successful bidder Arif Habib Corporation. He took the process to its logical conclusion for a whopping Rs 180 billion. The consortium consists of leading industrial and financial institutions of Pakistan such as Arif Habib Corporation, Fatima Fertilizer Company Limited, Fauji Fertilizer Company Limited, Lake City Holdings (Pvt) Ltd, The City School (Pvt) Ltd and AKD Group Holdings. The new management structure will enable fast, effective and business-friendly decision-making by reducing bureaucratic hurdles.
Which will pave the way for transforming PIA into a world-class airline. Of the total value of this agreement, Rs 55 billion will be received by the Government of Pakistan as privatization, while Rs 125 billion will be invested directly in PIA in the form of new equity.
This investment will be used for operational reforms, fleet innovation, launching new routes, building the organization on digital lines, and improving the quality of services for passengers.
On this occasion, the chairman of the new administration said, “Today, as the new administration is taking over the responsibilities of PIA, we know very well that the trust of a nation is not achieved by simply transferring documents. Trust is earned with every mile, every smile and every year.”
He said that we are fully aware of this fact and we accept this responsibility with full determination.” He added that “with the beginning of this new era of PIA, the commitment made to our passengers and the entire nation has become stronger than ever. Although the ownership has changed, our passion to serve Pakistan is stronger than ever.
The chairman of the new administration said that we will respect the glorious heritage of PIA and make it a modern, world-class premium airline. We will restore the trust of our guests, and prove once again that PIA, with its wonderful people, was and always will be a fantastic airline.