Prime Minister Shehbaz Sharif on Tuesday described the successful privatisation of Pakistan International Airlines (PIA) as a historic day for the country, calling it a key step in fulfilling the government’s commitment to reform loss-making state-owned enterprises.

The government concluded the sale of a 75% stake in PIA for Rs135 billion, ending years of stalled attempts to privatise the national carrier.

The Arif Habib consortium, comprising Arif Habib Corporation Limited, Fatima Fertiliser Company Limited, City Schools (Private) Limited, and Lake City Holdings (Private) Limited, secured the managing stake. Out of the total amount, the government will receive Rs10.12 billion in cash, while the remainder will be invested in PIA to support its operations.

In his statement, PM Shehbaz congratulated Deputy Prime Minister and Foreign Minister Ishaq Dar, Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir, Defence Minister Khawaja Asif, Finance Minister Senator Muhammad Aurangzeb, Adviser on Privatisation Muhammad Ali, and their teams for conducting the process with professionalism and transparency.

 “The strong participation of leading business groups and seasoned investors reflects confidence in Pakistan’s economy and its future,” he said, emphasising that irrespective of which consortium emerged successful, Pakistan would be the ultimate winner.

The prime minister added that the privatisation process is part of broader efforts to reform state enterprises and vowed to continue working with vigour and perseverance to build a brighter economic future.