Pakistan Civil Aviation Authority (PCAA) Director General Nadir Shafi Dar on Tuesday said the successful privatization of Pakistan International Airlines (PIA) was a clear testimony of the government’s determination to transform the country’s aviation sector.
In a statement, Dar credited Defense Minister Khawaja Asif and Defense Secretary Lieutenant General Muhammad Ali for providing critical support that enabled the PCAA to carry out key reforms, which led to the removal of aviation restrictions imposed by the European Commission and the United Kingdom.
He said the lifting of these restrictions played a pivotal role in the success of the privatization process, significantly improving investor confidence and raising the value of PIA’s offer from Rs 10 billion in 2024 to Rs 135 billion in the last auction.
DG CAA noted that the successful tender of PIA would help stimulate the growth of Pakistani airlines and pave the way for opening of new global destinations with direct connectivity from Pakistan.
He further said that the International Civil Aviation Organization (ICAO) has expressed full confidence in the supervisory and regulatory capabilities of the Civil Aviation Authority of Pakistan, calling it a key supporter of the reforms undertaken in recent years.
The Arif Habib Corporation Limited-led consortium acquired a majority stake in PIA with the highest bid of Rs 135 billion in an auction held for the privatization process of the national flag carrier.
During the open auction round, Arif Habib increased his bid from Rs 115 billion to Rs 135 billion after the consortium led by Lucky Cement Limited increased its previous bid from Rs 101.5 billion to Rs 134 billion in the second round of the open auction.
Arif Habib, head of the Arif Habib Group, described the event as “Pakistan’s triumph”.
He maintained that privatization of PIA would help boost investment in the country, adding that it would also attract foreign investment to Pakistan.
The businessman praised the government for successfully carrying out the bidding process and said that the Privatization Commission completed the entire process in a transparent manner. “We will work hard to make this airline great again,” he added.
