ISLAMABAD: President Asif Ali Zardari has approved the PIA Corporation (Conversion) (Repeal) Ordinance, 2026, on the Prime Minister’s recommendation, enabling the transfer of the recently privatized Pakistan International Airlines (PIA)’s assets to the successful bidder.
The ordinance is aimed at fulfilling legal requirements to complete the transfer of certain assets of Pakistan International Airlines (PIA).
The assets covered under the ordinance include the PIA Planetarium in Karachi, land in Gulshan-e-Iqbal, the PIA Planetarium in Lahore, land at the Old University Ground, the PIA Planetarium located on land in Phase II of Hayatabad in Peshawar, a football ground in KDA Scheme I in Karachi, an office in Dayal Singh Mansion on Empress Road in Lahore, and land at the Jahangir Khan Sports Complex on Kashmir Road in Karachi.
READ MORE: Arif Habib consortium acquires remaining 25% stake in PIA
Officials say the move is part of ongoing efforts to streamline asset management and meet legal obligations tied to the restructuring of the national airline.
The ordinance aims to meet the legal requirements for completing the process of transferring PIA assets.
The former national flag carrier was privatized in December 2025 when the Arif Habib Group secured a 75 percent stake in the PIA for Rs135 billion (USD482 million) after several rounds of bidding, valuing the airline at Rs180 billion (USD643 million). Pakistan had previously attempted to reform the debt-ridden airline, which had accumulated more than USD2.8 billion in financial losses over the years.
The same consortium notified Pakistan’s Privatization Commission last week that it intended to buy the remaining 25 percent stake in PIA, paving the way for full private sector ownership of the airline.
The Privatization Commission said last Thursday that the airline’s management control is expected to be transferred on or before May 25.
Copyright Business Recorder, 2026
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