PIA to gain new heights under Arif Habib Consortium: PM Shehbaz

Islamabad (APP): Prime Minister Muhammad Shehbaz Sharif Thursday said Pakistan International Airlines (PIA) would gain new heights under the leadership of Arif Habib Consortium as the airline would improve its performance, punctuality, cabin service and professional standards.

 

He was speaking at a ceremony for signing of transaction documents between the government and Arif Habib Consortium regarding privatization of PIA.

 

The Prime Minister congratulated the nation on the signing ceremony for PIA privatization.

 

He said Arif Habib and his team were distinguished business ambassadors of Pakistan and they made a valuable contribution to the country’s progress.

 

He said the first priority of the new owners of PIA would be comfortable journey of passengers and their safety.

 

He recalled that in the 1960s, PIA was at its peak, with the airline being a prominent and recognizable name in cities across Pakistan and in world capitals.

 

He congratulated the federal ministers, Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir for their commitment to the national interest.  He also appreciated Advisor for Privatization Muhammad Ali for the successful privatization of PIA.

 

The Prime Minister said the privatization process of PIA was telecast live and conducted in a transparent manner.

 

He said bidding was closed at the price of Rs 180 billion, out of which the consortium will spend Rs 135 billion on improvement of PIA while the government would get Rs 55 billion.

 

PM Shehbaz Sharif said through untiring efforts and innovation, new PIA owners would regain past glory of PIA.

 

The nation was expecting that it would get best travel services and name of Pakistan would gain new recognition, he added.

 

Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir and federal ministers attended the ceremony.

 

Advisor for Privatization Muhammad Ali explained the salient features of the privatization of Pakistan International Airlines (PIA).

 

He said people of Pakistan would be beneficiary of the transaction as services of PIA would improve.

 

The privatization process of the Pakistan International Airlines concluded today with the signing of transaction documents between the Government of Pakistan and the Arif Habib Consortium.

A ceremony to sign the shareholders, the share purchase and subscription agreement was held in Islamabad.

Prime Minister Shehbaz Sharif as well as Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir attended the ceremony.

Defence Secretary Lieutenant General retired Muhammad Ali, Secretary Privatization Commission Usman Bajwa, CEO PIA Holding Company Asad Rasool, Chairman Arif Habib Corporation Limited Arif Habib, Director Fatima Fertilizer Fazal Ahmed, CEO Lake City Gohar Ejaz, Ms Farhana Feroze from City School, and CEO of PIACL Amir Hayat signed the documents.

Secretary Defence Lieutenant General retired Muhammad Ali from Government of Pakistan and Arif Habib from Arif Habib Corporation Limited exchanged the documents.

Speaking on the occasion, Prime Minister Shehbaz Sharif expressed confidence that the Arif Habib Consortium, through its untiring efforts, would take Pakistan International Airlines to new heights by providing the best travel facilities to the people.

He said passengers' comfort, respect, dignity, and safety should be the top priorities of PIA's new administration. He expressed hope that, through strong professional acumen, the new management would ensure punctuality and bring improvements in PIA's overall performance, cabin services, information systems, and ground services, all delivered with a welcoming and courteous attitude.

In his remarks, Arif Habib, the new custodian of PIA, said the entire investment is based on one hundred percent equity. He said fifty-five billion out of the total 180 billion rupees would go to the government treasury, while the remaining amount would be invested in the development of the company.

Arif Habib further said the involvement of local entrepreneurs in the privatization of PIA reflects a positive business environment in the country. He added that the people of Pakistan would be the foremost beneficiaries of this transaction, as airline services would be improved and new aircraft would be acquired.