ISLAMABAD/BRUSSELS, (Unib Rashid) – Prime Minister Muhammad Shehbaz Sharif on Monday hailed the successful completion of the First Financial Closing of the privatisation of Pakistan International Airlines Corporation Limited (PIACL), describing it as a historic milestone in Pakistan’s privatisation programme and congratulating the nation on the achievement.

The Privatisation Commission of Pakistan announced that all conditions precedent under the Share Purchase and Subscription Agreement (SPSA) had been fulfilled, enabling the transfer of management control of the national carrier to an investor consortium led by Arif Habib Corporation Limited.

Prime Minister Shehbaz Sharif said the successful completion of the First Financial Closing represented a major achievement for both his government and the people of Pakistan.

“This demonstrates that even complex and strategic transactions can be executed transparently, competitively, and within the stipulated timeframe through effective teamwork and a whole-of-government approach,” the Prime Minister said.

He noted that the development marked the beginning of a new chapter for Pakistan International Airlines while advancing the government’s broader economic reform agenda.

“The successful completion of this milestone sends a strong message to both domestic and international investors that Pakistan is open for business, committed to economic reforms, and ready to attract investment and accelerate growth,” he added.

The Prime Minister expressed confidence that the First Financial Closing would help pave the way for restoring PIA to its former stature. He reaffirmed the government’s commitment to safeguarding the interests of employees, passengers, and consumers while ensuring a smooth management transition and uninterrupted airline operations.

He also emphasized that all applicable aviation laws and regulatory oversight would remain fully in force throughout the transition process.

Prime Minister Shehbaz Sharif commended Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar for his leadership and tireless efforts in facilitating the successful completion of the transaction.

He also paid tribute to Field Marshal Syed Asim Munir and his team for their contribution to the coordinated efforts that led to the successful conclusion of the privatisation process.

The Prime Minister further acknowledged the contributions of Defence Minister Khawaja Muhammad Asif, Finance Minister Muhammad Aurangzeb, Adviser on Privatisation Muhammad Ali, as well as members of the Cabinet Committee on Privatisation and the Privatisation Commission, whose collective efforts helped bring the landmark transaction to fruition.