President Zardari signs bill, completing 'legal requirements' for PIA privatisation

Islamabad (Web Desk): President Asif Ali Zardari on Friday gave his assent to the Pakistan International Airlines Corporation (Conversion) (Repeal) Bill, 2026, paving the way for the final stage of the national carrier’s privatisation process.

The presidential endorsement means that all legal obligations and procedural requirements linked to the privatization of Pakistan International Airlines Company Limited (PIACL) have now been successfully completed.

The legislation was first cleared by the Senate on June 10, 2026, before securing approval from the National Assembly a day later on June 11, 2026.

After receiving the backing of both parliamentary chambers, the bill was sent to the President, who granted his assent on Friday.

صدرِ مملکت آصف علی زرداری نے پاکستان انٹرنیشنل ایئرلائنز کارپوریشن (کنورژن) (ریپیل) بل، 2026 کی منظوری دے دی۔

بل کی منظوری کے بعد پاکستان انٹرنیشنل ایئرلائنز کمپنی لمیٹڈ (PIACL) کی نجکاری کے عمل کی تکمیل کے لیے درکار قانونی تقاضے پورے ہو گئے ہیں۔

یہ بل سینیٹ سے 10 جون 2026 کو…

— The President of Pakistan (@PresOfPakistan) June 12, 2026

The airline’s majority ownership was secured by a consortium led by Arif Habib Corporation Limited, which acquired a 75 per cent stake during a live televised auction conducted on December 23, 2025.

The consortium’s successful offer of Rs135 billion, equivalent to roughly $482 million, made history as Pakistan’s first major sale of a state-owned enterprise in nearly twenty years.

The transaction was also viewed as a significant step in the country’s broader economic reform agenda, which has been backed by the International Monetary Fund (IMF).

Under the original terms of the agreement, the federal government was expected to retain a 25 per cent shareholding in the national carrier.

However, the consortium later expressed its intention to purchase the remaining stake as well.

After taking complete operational charge of the airline around April, the new owners pledged to channel nearly Rs125 billion from the acquisition into upgrading the fleet, expanding flight operations and destinations, reducing financial obligations, and introducing comprehensive improvements across the airline’s overall operations.