Karachi, February 12, 2026: The Pakistan Stock Exchange (PSX) today hosted a Gong Ceremony to mark the successful privatisation of Pakistan International Airlines (PIA), a landmark transaction valued at Rs 135 billion. The ceremony was graced by the Advisor to the Prime Minister on Privatisation, Mr. Muhammad Ali who also serves as Chairman of the Privatisation Commission of Pakistan. Distinguished guests included Mr. Muhammad Ali Farid Khwaja, Commissioner of the Securities and Exchange Commission of Pakistan (SECP), prominent business leaders Mr. Arif Habib, Mr. Aqeel Karim Dhedhi, Chairman PSX, Mr. Ruhail Muhammad and Board of Directors, Chairman Pakistan Banks Association (PBA) & CEO Bank of Punjab (BOP), Mr. Zafar Masud, CEO Central Depository Company (CDC), Badiuddin Akber, CEO National Clearing Company of Pakistan Limited (NCCPL), Mr. Naveed Qazi, representatives of Pakistan Stock Brokers Association, leading banks, brokerage houses and asset management companies.
The event celebrated a milestone in Pakistan’s economic reforms, as the privatisation of PIA marked the first major divestment of a state-owned enterprise in nearly two decades. The transaction attracted strong investor interest, with bids totaling approximately Rs250 billion (USD 900 million), underscoring growing confidence in Pakistan’s privatisation process.
Advisor to the Prime Minister on Privatisation and Chairman of the Privatisation Commission of Pakistan, Mr. Muhammad Ali addressed the ceremony held at the Pakistan Stock Exchange (PSX). “He stated that the transaction reflects the government’s firm commitment to transparent, competitive, and market-driven privatization. He emphasized that restructuring loss-making state-owned enterprises is essential for fiscal stability and economic revival, adding that the PIA deal would help reduce the financial burden on the national exchequer and restore investor confidence.”
Commissioner of the Securities & Exchange Commission of Pakistan, Mr. Muhammad Ali Farid Khwaja highlighted that “strengthening Pakistan’s capital markets is critical for sustainable economic growth, policy transparency, and long-term investor confidence.”
Chairman Arif Habib Group, Mr. Arif Habib, termed the transaction historic: “This landmark deal sets a new precedent in Pakistan’s privatisation landscape. Out of the total transaction value, Rs55 billion will go to the government, while PKR 125 billion will be invested to support PIA’s future growth and expansion. This investment will not only strengthen the airline but also contribute to Pakistan’s broader economic development.”
Chairman AKD Group, Mr. Aqeel Karim Dhedhi, described the privatisation of PIA as a benchmark transaction: “PIA’s privatisation stands out as the best executed among state-owned entities. I would particularly credit former caretaker finance minister Dr. Shamshad Akhtar for restructuring PIA’s guarantees, which paved the way for this success. Equally, the leadership and vision of Advisor to the Prime Minister on Privatisation, Mr. Muhammad Ali, were instrumental in driving this landmark transaction. Without his commitment, strategic guidance, and ability to build investor confidence, this achievement would not have been possible. Going forward, it is vital that policy consultation with capital market stakeholders continues to ensure sustainable reforms.”
Speaking at the ceremony, CEO Pakistan Stock Exchange, Farrukh H. Sabzwari highlighted the historical significance of the occasion: “Today’s Gong Ceremony not only commemorates the successful privatisation of PIA but also reflects Pakistan’s journey of economic transformation. The process was conducted with full transparency and coincided with Pakistan’s transition to the T+1 settlement system, making us a top ten country globally to adopt this mechanism. Both the PIA transaction and the current rally in the stock market have one thing in common — they reflect the confidence and depth of the local investor base. In the PIA transaction alone, nearly a billion dollars were put on the table by the local business community, underscoring the strength and commitment of domestic investors to Pakistan’s economic future.”
The ceremony also paid tribute to the legacy of PIA, which began as Orient Airways in 1946 and became the national carrier in 1955. Over the decades, PIA pioneered aviation milestones, including being the first Asian airline to introduce jet service in 1960 and the first non-Communist airline to fly to China in 1964. The successful privatisation now opens a new chapter in the airline’s history, positioning it for renewed growth and competitiveness.
