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June 13, 2026
President Asif Ali Zardari has approved the Pakistan International Airlines Corporation (Conversion) (Repeal) Bill, 2026, completing the legal requirements for the privatisation of Pakistan International Airlines Company Limited (PIACL).
Read more: Arif Habib Consortium Moves to Fully Acquire PIA
President Asif Ali Zardari has formally approved the Pakistan International Airlines Corporation (Conversion) (Repeal) Bill, 2026, completing all legal formalities required for the privatisation of Pakistan International Airlines Company Limited (PIACL).
According to a statement issued by the Presidency, the approval marks the final step in fulfilling the legal requirements necessary to complete the privatisation process of the national carrier. The bill had previously been passed by the Senate on June 10 and approved by the National Assembly on June 11 before being forwarded to the president for assent.
The repealed legislation originally came into effect in January 2016 and facilitated the conversion of Pakistan International Airlines from a statutory corporation into a public limited company. With the repeal now approved, the legal framework surrounding the airline’s privatisation has been finalised.
The development follows the successful bidding process conducted in December 2025, during which a consortium led by Arif Habib Corporation Limited acquired a 75 per cent stake in PIACL through a winning bid of Rs135 billion. The transaction represented one of the most significant privatisation initiatives undertaken by the government in recent years.
Formal transaction documents related to the acquisition were signed in January 2026 during a ceremony attended by Prime Minister Shehbaz Sharif. The signing marked the beginning of the implementation phase of the ownership transfer.
The consortium has outlined plans to restructure the airline’s operations, expand its fleet, and improve customer service standards. It has also expressed interest in acquiring the remaining 25 per cent government stake in the airline, which would provide full ownership and management control of the company.
Arif Habib, chairman of the investment firm leading the consortium, has stated that the new ownership intends to expand the airline’s business operations. According to him, the expansion strategy is expected to create additional employment opportunities within the organisation.
Following the completion of the privatisation process, Adviser to the Prime Minister on Privatisation Muhammad Ali previously stated that all existing employees would be retained for a period of 12 months after the transaction. Employment contracts and terms of service will remain unchanged during that period.
With the president’s approval now secured, the legal process for PIA’s privatisation has been completed, paving the way for the next phase of ownership transition and operational restructuring.
