PSX hosts Gong Ceremony to mark profitable privatisation of PIA

KARACHI: The Pakistan Inventory Change (PSX) hosted a Gong Ceremony to mark the profitable privatisation of Pakistan Worldwide Airways (PIA), a landmark transaction valued at Rs 135 billion.
The ceremony was graced by Advisor to the Prime Minister on Privatisation and Chairman of the Privatisation Fee of Pakistan, Muhammad Ali. Distinguished visitors included Muhammad Ali Farid Khwaja, Commissioner of the Securities and Change Fee of Pakistan (SECP); outstanding enterprise leaders Arif Habib and Aqeel Karim Dhedhi; Chairman PSX Ruhail Muhammad and members of the Board of Administrators; Chairman Pakistan Banks Affiliation (PBA) and CEO Financial institution of Punjab (BOP) Zafar Masud; CEO Central Depository Firm (CDC) Badiuddin Akber; CEO Nationwide Clearing Firm of Pakistan Restricted (NCCPL) Naveed Qazi; in addition to representatives of the Pakistan Inventory Brokers Affiliation, main banks, brokerage homes, and asset administration firms.
The occasion marked a big milestone in Pakistan’s financial reform journey, because the privatisation of PIA represents the primary main divestment of a state-owned enterprise in almost twenty years. The transaction drew robust investor curiosity, with bids totaling roughly Rs250 billion (USD 900 million), reflecting rising confidence in Pakistan’s privatisation course of.
Addressing the ceremony at PSX, Muhammad Ali acknowledged that the transaction displays the federal government’s agency dedication to clear, aggressive, and market-driven privatisation. He emphasised that restructuring loss-making state-owned enterprises is crucial for fiscal stability and financial revival, including that the PIA deal would assist cut back the monetary burden on the nationwide exchequer and restore investor confidence.
Muhammad Ali Farid Khwaja underscored the significance of strengthening Pakistan’s capital markets, noting that strong capital markets are essential for sustainable financial development, coverage transparency, and long-term investor confidence.
Arif Habib termed the transaction historic, stating that the landmark deal units a brand new precedent in Pakistan’s privatisation panorama. He famous that out of the entire transaction worth, Rs55 billion will go to the federal government, whereas Rs125 billion will likely be invested to help PIA’s future development and enlargement. This funding, he stated, is not going to solely strengthen the airline but additionally contribute to Pakistan’s broader financial improvement.
Aqeel Karim Dhedhi described the privatisation as a benchmark transaction, calling it one of many best-executed divestments amongst state-owned entities. He credited former caretaker finance minister Dr. Shamshad Akhtar for restructuring PIA’s ensures, which paved the way in which for the deal’s success. He additionally acknowledged the management and imaginative and prescient of Muhammad Ali, stating that his dedication, strategic steerage, and skill to construct investor confidence had been instrumental in driving the transaction. He harassed the significance of continued coverage session with capital market stakeholders to make sure sustainable reforms.
Talking on the ceremony, CEO Pakistan Inventory Change Farrukh H. Sabzwari highlighted the historic significance of the event. He famous that the Gong Ceremony commemorates not solely the profitable privatisation of PIA but additionally Pakistan’s broader journey of financial transformation. He identified that the method was carried out with full transparency and coincided with Pakistan’s transition to the T+1 settlement system, putting the nation among the many prime ten globally to undertake this mechanism. He added that each the PIA transaction and the continued inventory market rally mirror the boldness and depth of the native investor base. Almost a billion {dollars} had been placed on the desk by the native enterprise group within the PIA transaction alone, underscoring the power and dedication of home buyers to Pakistan’s financial future.
The ceremony additionally paid tribute to the legacy of PIA, which started as Orient Airways in 1946 and have become the nationwide provider in 1955. Over the many years, PIA achieved a number of aviation milestones, together with changing into the primary Asian airline to introduce jet service in 1960 and the primary non-Communist airline to fly to China in 1964. The profitable privatisation now opens a brand new chapter within the airline’s historical past, positioning it for renewed development and competitiveness.