Prime Minister Shehbaz Sharif on Wednesday praised the government team involved in the privatisation of Pakistan International Airlines (PIA), calling the successful completion of the process a major milestone in the national interest.

Addressing officials, the prime minister directed that all loss-making state-owned entities be privatised immediately in a transparent manner to curb annual losses and redirect funds toward national development.

He said the PIA privatisation, concluded on December 23, was carried out with full transparency, professionalism, and teamwork.

“Several previous attempts to privatise PIA failed, including a similar effort last year. This time, we moved forward on a fast-track basis despite the complexity of the task,” he added.

The prime minister said the process involved close coordination among legal, financial, and technical experts and relevant ministries. He personally met potential bidders earlier this month to address their concerns, setting December 23 as the divestment date with their consent.

“The bidding mechanism was finalised through consultation to ensure complete transparency,” he said.

The cabinet committee approved a reference price of Rs100 billion, while the final bid settled at Rs135 billion.

Including the remaining 25 per cent government shareholding, the total valuation of PIA reached Rs180 billion.

PM Shehbaz said the government learned from past failures and ensured the process was conducted without mistakes.

He congratulated the nation, saying the successful divestment was possible with public support and prayers.

He expressed hope that the new management would bring fresh investment, modern equipment, and new aircraft to develop PIA further, while also congratulating the investors who acquired the airline.

The prime minister lauded the efforts of the government team, including Deputy Prime Minister Ishaq Dar, Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir, Defence Minister Khawaja Asif, Finance Minister Muhammad Aurangzeb, and Chairman Privatisation Commission Muhammad Ali, among others. He described Muhammad Ali as the “star performer” and announced he would be honoured on March 23 for his services.

PM Shehbaz noted that PIA had been incurring annual losses of around Rs35 billion due to inefficiency and poor practices.

He praised officers working tirelessly for national development, calling them the “real heroes.” Awards were also presented to key members of the privatization team at the ceremony.