Islamabad: Prime Minister Muhammad Shehbaz Sharif announced the successful First Financial Closing of Pakistan International Airlines Corporation Limited (PIACL), marking a significant milestone in Pakistan’s privatization efforts. The management control of PIACL has been transferred to an investor consortium led by Arif Habib Corporation Limited, following the fulfillment of conditions under the Share Purchase and Subscription Agreement.

According to Press Information Department, this achievement signifies a pivotal moment for the government and citizens of Pakistan, with Prime Minister Sharif expressing satisfaction over the transparent and timely completion of the transaction. He emphasized that the transfer of control is a crucial step in revitalizing PIACL and advancing Pakistan’s economic reform agenda. The Prime Minister highlighted the government’s commitment to protecting the interests of employees and consumers while ensuring the continuity of airline operations under existing aviation regulations.

Prime Minister Sharif acknowledged the contributions of key officials, including Deputy Prime Minister Mohammad Ishaq Dar, Field Marshal Syed Asim Munir, and various ministers and advisors, whose collaborative efforts facilitated the completion of the privatization process. The Prime Minister reiterated Pakistan’s openness to business and reform, signaling to both domestic and international investors that the country is poised for growth.