Follow on Google News
ISLAMABAD: Pakistan International Airlines (PIA) has officially entered a new chapter after administrative control of the national carrier was transferred to PIA Equity Ltd, a company backed by the Arif Habib Consortium, following the completion of regulatory approvals and the first financial close.
The transaction, valued at Rs180 billion, is being described as the largest privatization deal in Pakistan’s history. Under the agreement, Rs125 billion will be invested to modernize the airline, while Rs55 billion will be paid to the government as proceeds from the sale.
The consortium has already deposited the initial payment required to complete the takeover process, officially marking the beginning of private management after more than seven decades of state ownership.
For years, PIA struggled with mounting financial losses, an ageing fleet and shrinking international operations despite once being regarded as one of Asia’s leading airlines. The new management says its priority is to rebuild passenger confidence by improving reliability, expanding routes and upgrading customer services.
Stay Connected with Daily Aitadal
Get the latest business news, market insights, and economic updates
wherever you prefer.
Add Daily Aitadal to Preferred Sources and see more of our stories in Google Search and Top Stories.
