The Privatisation Commission of Pakistan has completed the initial closing of the Pakistan International Airline Corporation Limited (PIACL) divestment, officially transferring management control to the investor consortium led by Arif Habib Corporation Limited. Following the transition, Lt Gen (retd) Anwar Ali Hyder has been appointed as the new PIACL Chairman.
The transaction follows the fulfillment of all conditions precedent under the Share Purchase and Subscription Agreement (SPSA). A bidding process on 23 December, 2025, resulted in a total investment commitment of Rs 180 billion by the consortium.
Under the agreement, Rs 55 billion will be paid to the government, while Rs 125 billion is earmarked for injection into the national carrier to support long-term modernising, fleet expansion, and operational recovery.
For the initial closing, the consortium completed a Rs 10 billion payment to the government and injected Rs 80 billion as fresh equity into the airline. The remaining Rs 45 billion investment is scheduled for the second closing within the next 12 months.
The Commission noted that the consortium has “served its intent to buy the remaining 25 percent of the PIACL shares as a Call option under the SPSA for an additional payment of Rs 45 billion to the Government of Pakistan.”
Since the SPSA execution on 29 January, 2026, state stakeholders including the Ministry of Defence cleared complex regulatory, corporate, and taxation hurdles within a compressed timeframe, ensuring uninterrupted flight operations. Prime Minister Shehbaz Sharif also welcomed the development on social media, stating, “The successful completion of the First Closing of the PIA privatisation transaction is a moment of real satisfaction for my government and for the people of Pakistan”.
