KARACHI: The Pakistan Stock Exchange (PSX) today hosted a ceremonial gong event to mark the successful privatisation of Pakistan International Airlines (PIA), a landmark transaction valued at Rs135 billion. The event highlighted a major milestone in Pakistan’s economic reform agenda, representing the first significant divestment of a state-owned enterprise in nearly two decades.
The ceremony was attended by top officials, including Advisor to the Prime Minister on Privatisation and Chairman of the Privatisation Commission, Muhammad Ali, SECP Commissioner Muhammad Ali Farid Khwaja, PSX Chairman Ruhail Muhammad, and leading business figures such as Arif Habib and Aqeel Karim Dhedhi. Representatives from major banks, brokerage houses, and asset management firms were also present.
Officials say the PIA privatisation attracted strong investor interest, with bids totalling approximately Rs250 billion (USD 900 million), demonstrating growing confidence in Pakistan’s privatisation framework.
Speaking at the event, Muhammad Ali emphasized that the transaction underscores the government’s commitment to transparent, competitive, and market-driven privatisation. He noted that restructuring loss-making state-owned enterprises is crucial for fiscal stability and economic revival, and said the PIA deal would help reduce the financial burden on the national exchequer while restoring investor confidence.
SECP Commissioner Khwaja highlighted the importance of strengthening capital markets to ensure sustainable economic growth, policy transparency, and long-term investor trust.
Business leaders hailed the privatisation as historic. Arif Habib called it a landmark deal that will see Rs55 billion flow to the government and Rs125 billion invested to support PIA’s future growth and expansion. Aqeel Karim Dhedhi described it as a “benchmark transaction” and credited former caretaker finance minister Dr. Shamshad Akhtar for restructuring PIA’s guarantees, which paved the way for the deal.
PSX CEO Farrukh H. Sabzwari underlined the event’s historical significance, noting that it coincided with Pakistan’s adoption of the T+1 settlement system, placing the country among the top ten globally to implement this mechanism. He also highlighted the strong participation of domestic investors, with nearly USD 1 billion committed in the PIA transaction alone.
The ceremony also paid tribute to PIA’s legacy. Founded as Orient Airways in 1946 and becoming Pakistan’s national carrier in 1955, PIA achieved several aviation firsts, including being the first Asian airline to introduce jet service in 1960 and the first non-Communist airline to fly to China in 1964. The successful privatisation now marks a new chapter in the airline’s history, aimed at positioning it for renewed growth and competitiveness.
Copyright Business Recorder, 2026
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