Ceremony held to formally hand over PIA to Arif Habib consortium
Prime Minister Shehbaz Sharif
on Thursday expressed confidence that Pakistan
International Airlines (PIA) would regain its “glory days” under new
management, as the government formally signed transaction documents finalizing
the airline’s privatization.
Speaking at the signing ceremony,
the prime minister said PIA would reach new heights under the leadership of the
Arif Habib
Consortium, with improvements expected in performance, punctuality, cabin
services, and professional standards. He added that passenger comfort and
safety would remain the consortium’s top priorities.
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Habib consortium plans to expand PIA fleet to 64 aircraft, extend operations
The ceremony was attended by Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir, Deputy Prime Minister Ishaq Dar, and several federal ministers. PM Sharif congratulated the nation on the completion of the transaction, describing Arif Habib and his team as distinguished business leaders committed to Pakistan’s development.
Recalling the airline’s history, the
prime minister noted that PIA enjoyed its peak in the 1960s, with a strong
domestic presence and recognition in major international capitals. He also
praised the role of federal ministers and Adviser on Privatisation Muhammad Ali
in ensuring a transparent privatization process, which was broadcast live.
Under the deal, the privatization
bidding closed at Rs180 billion, with the consortium set to invest Rs135
billion to modernize and revitalize the airline. PM Sharif expressed hope that,
through sustained effort and innovation, PIA would reclaim its former prestige.
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Habib says job security of PIA employees will depend on their performance
Separately, the National Assembly Standing Committee on Privatisation, chaired by Dr Muhammad Farooq Sattar, sought detailed briefings on the transaction, including employee participation, consultation mechanisms, and grievance redress systems. The committee was also updated on other privatization initiatives, such as the installation of 1.61 million Advanced Metering Infrastructure (AMI) meters, partial privatization plans for Pakistan Re-Insurance Company Limited (PRCL), and proposals for private-sector participation in Sukkur Electric Power Company Limited (Sepco).
The committee stressed that consumer
protection, regulatory oversight by Nepra, and safeguards for employees must
remain central to all privatization and reform efforts.
Source: Daily Times