The privatisation of Pakistan International Airlines (PIA) was formally completed on Monday with the signing of transaction documents between the federal government and a consortium led by Arif Habib Corporation Limited.

Prime Minister Shehbaz Sharif and Chief of Defence Forces and Army Staff Field Marshal Syed Asim Munir attended the signing ceremony in Islamabad, which was also witnessed by senior federal ministers and top officials.

The Arif Habib-led consortium had emerged as the successful bidder in December last year after offering Rs135 billion for a 75 per cent stake in the national flag carrier.

Addressing the ceremony, Prime Minister Shehbaz congratulated the nation on the completion of the privatisation process, calling it a major milestone for the country’s aviation sector. He said the process, which began last month, had now reached its conclusion.

“I congratulate the entire nation from the bottom of my heart on the completion of PIA’s privatisation,” the prime minister said.

He praised Arif Habib and his team, describing them as committed business leaders whose contributions to Pakistan’s industrial growth and development were well recognised.

He said he personally knew Arif Habib and expressed confidence in the consortium’s ability to revive the airline.

Recalling PIA’s peak performance in the 1960s, the prime minister said he firmly believed the new management would restore the airline to its former stature.

He added that passenger comfort, safety and dignity would be the top priorities under the new ownership.

PM Shehbaz also congratulated Field Marshal Asim Munir and members of the federal cabinet on the completion of the transaction.

Under the agreement, key documents, including the shareholders’ agreement and the share purchase and subscription agreement, were signed by representatives of both sides.

Defence Secretary Lt Gen (retd) Muhammad Ali and Arif Habib exchanged the documents on behalf of the government and the consortium.

Other signatories included Secretary Privatisation Commission Usman Bajwa, CEO PIA Holding Company Asad Rasool, Director Fatima Fertilizer Fazal Ahmed, CEO Lake City Gohar Ejaz, Farhana Feroze of The City School, and PIACL CEO Amir Hayat.

Officials said the completion of the transaction marked a decisive step toward restructuring the national airline and improving its operational efficiency under private sector management.