PIA's new management 'accepts challenge' to elevate service standards

Pakistan International Airlines (PIA) on Monday officially transitioned to new management under PIA Equity Ltd.

In a statement, the Ministry of Privatisation said that the Privatisation Commission today successfully completed the "largest privatisation transation - First Financial Close of the PIA’s privatisation."

"This milestone demonstrates Pakistan & Privatisation Commissions’s committement to structure complex transactions through a transparent, fair and competitive process," read the statement.

"The transaction brings a total investment commitment of Rs.180 billion, including Rs.125 billion in fresh capital to transform PIA and Rs.55 billion payable to the Government of Pakistan."

Separately, the airline said in a post on X that, "Today, PIA officially transitions to new management under PIA Equity Ltd (a SPV of Arif Habib Consortium), marking a bold new chapter of modernization and global excellence."

"With a massive Rs125B equity injection, PIA is now fully capitalized and ready to modernize the airline to elevate service standards and honor its rich heritage," it added.

Tweet by PIA

“As the new ownership officially takes over today, we deeply understand that the trust of a nation isn’t simply transferred on a document. Trust is earned—mile by mile, smile by smile, year by year. We know this. And we accept the challenge wholeheartedly.— Chairman PIA Equity Ltd."