The Rs180 billion privatisation of Pakistan International Airlines (PIA) has been completed, with ownership formally transferred to the airline’s new management, according to sources.

Following the transfer of shares, the new management constituted a fresh Board of Directors, which unanimously elected Gen (retired) Anwar Ali Hyder as chairman.

The newly formed board comprises Gen (retired) Hyder, Jahangir Paracha, Gohar Ejaz, Arif Habib, Fazal Sheikh, Aqeel Karim Dhedhi and Farzana Feroze.

Former federal minister Gohar Ejaz congratulated the nation on the successful completion of the privatisation process, describing it as the country’s first major privatisation in two decades and the largest transaction of its kind during that period.

The completion of the Rs180bn deal marks a significant milestone in the government’s efforts to restructure state-owned enterprises and reduce the financial burden of loss-making public entities.