Web Desk: Prime Minister Muhammad Shehbaz Sharif has welcomed and appreciated the First Financial Closing of Pakistan International Airlines Corporation Limited (PIACL) and greeted the nation on this remarkable success in the privatization history of Pakistan.
According to the prime minister office, the Privatisation Commission of Pakistan today achieved this landmark milestone in the form of the First Closing of the divestment of PIACL through privatisation, formally handing over management control of the airline to the investor consortium led by Arif Habib Corporation Limited, following satisfaction of all conditions precedent under the Share Purchase and Subscription Agreement (SPSA).
The successful execution of the First Closing of the PIA privatisation transaction is a moment of the realization of the most sought after dream of the government and for the people of Pakistan, said Prime Minister Shehbaz Sharif. It demonstrates that complex, strategic transactions can be delivered transparently, competitively, and on time through teamwork and “Whole of the Government Approach”. More importantly, it opens a new chapter for PIA and for our broader economic reform agenda, he added. Today’s milestone achievement sends a strong signal to domestic and international investors: Pakistan is open for business, committed to reform, and ready for growth, said PM Shehbaz Sharif.
With this First Closing, we move closer to reviving PIA to its past glory, said the Prime Minister. The PM said that the government remains committed to safeguarding the interests of employees, passengers and consumers while ensuring a smooth transition and uninterrupted airline operations. All applicable aviation laws and regulatory oversight will continue to remain in place.
Prime Minister also lauded the role and hard work of Deputy Prime Minister Mohammad Ishaq Dar.
Besides this, the Prime Minister paid tribute to Field Marshal Syed Asim Munir and his dedicated team for this teamwork.
PM also commended the role of Minister for Defence Khawaja Asif, Finance Minister Muhammad Aurangzeb, Advisor on Privatization Muhammad Ali and members of the Cabinet Committee on Privatization and Privatisation Commission in making this transaction success.
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