President Asif Ali Zardari on Friday gave his assent to the Pakistan Worldwide Airways Company (Conversion) (Repeal) Invoice, 2026, fulfilling all crucial authorized necessities for the nationwide service’s privatization.
The unique invoice, which now stands repealed, was handed in January 2016, and sought to transform the nationwide flag service right into a public restricted firm.
Confirming the event in a press release, the presidency mentioned that following the approval, “all the mandatory authorized formalities and necessities for the completion of the privatization strategy of Pakistan Worldwide Airways Firm Restricted (PIACL) have been fulfilled”.
It added that the invoice was handed by the Senate on June 10 and subsequently obtained approval from the Nationwide Meeting on June 11, earlier than being despatched to the president for his assent.
A consortium led by Arif Habib Company Restricted had Received the public sale for 75 % shares of PIA in December final 12 months, making a successful bid of Rs135 billion.
The paperwork pertaining to the transaction have been signed throughout a ceremony in January, which was attended by Prime Minister Shehbaz Sharif.
The Arif Habib-led consortium goals to remodel the loss-making airline by operational restructuring, fleet growth, and improved customer support.
To make sure the success of its revival plan, the consortium has plans to amass the remaining 25 % authorities stake in PIA, thereby taking full management of decision-making.
