ISLAMABAD: Federal Information Minister Attaullah Tarar announced that the privatization of Pakistan International Airlines (PIA) marks the beginning of efforts to restore its former reputation.
Speaking at a press conference alongside Privatization Advisor Muhammad Ali, he called the sale of 75% shares for Rs135 billion a significant milestone.
Tarar emphasized the government’s commitment to expediting privatization of loss-making state entities, ensuring public funds are no longer used to cover PIA’s deficits. He highlighted the transparent and efficient process behind the privatization.
Muhammad Ali stated that private ownership is expected to boost PIA’s service quality, with plans for fresh investments to modernize operations and upgrade its fleet.
He credited six months of collaborative efforts under the leadership of Prime Minister Shehbaz Sharif, Deputy PM Ishaq Dar, and Army Chief Asim Munir for ensuring the process’s success.
The advisor clarified that PIA’s real estate assets were excluded from the deal, which yielded an economic return of Rs55 billion.
He mentioned that PIA’s international landing rights remain its most valuable asset, with current operations spanning 30 destinations using 18 aircraft, including 12 leased and 6 owned. Liabilities of Rs182 billion were transferred to the buyer as part of the agreement.
