ISLAMABAD (The Thursday Times) — Pakistan International Airlines has formally entered a new phase of private management after control of the national carrier was transferred to PIA Equity Ltd, a special purpose vehicle established by the Arif Habib Consortium, marking the first financial close of the airline’s privatisation.
In a statement on Monday, the airline said it had officially transitioned to its new management structure, backed by a Rs125 billion equity injection aimed at fully capitalising the company and financing an ambitious programme of modernisation.
The airline said the investment would be used to improve operational efficiency, modernise its fleet and services, and raise customer service standards while preserving PIA’s legacy as Pakistan’s national flag carrier.
Commenting on the transition, the chairman of PIA Equity Ltd acknowledged the scale of the challenge facing the new management.
“As the new ownership officially takes over today, we deeply understand that the trust of a nation is not simply transferred on a document. Trust is earned, mile by mile, smile by smile, year by year. We know this. And we accept the challenge wholeheartedly,” the chairman said.
Separately, Pakistan’s Privatisation Commission announced that it had successfully completed the first financial close of the PIA privatisation, describing it as the largest privatisation transaction undertaken by the commission to date.
The commission said the transaction reflected Pakistan’s growing ability to structure and execute complex privatisation deals, adding that the financial close represented a significant milestone in the government’s wider programme of economic reform and public sector restructuring.
The transfer of management concludes one of Pakistan’s most closely watched privatisation efforts, with the new owners expected to oversee the airline’s operational turnaround and long-term commercial revival.
