Overview
- The Privatisation Commission said the consortium’s special‑purpose vehicle, PIA Equity Ltd, formally assumed administrative control of Pakistan International Airlines after the first financial close on Monday, June 29, 2026.
- Under the first close the buyer paid Rs10 billion to the government and injected Rs80 billion of fresh equity into PIACL, part of a total Rs180 billion commitment that includes Rs125 billion for the airline and Rs55 billion in proceeds to the state.
- The deal is staged: the consortium must inject another Rs45 billion into PIA within 12 months at a second closing and holds a call option to buy the remaining 25 percent for an additional Rs45 billion.
- Officials said all conditions precedent under the Share Purchase and Subscription Agreement were satisfied, including domestic and overseas regulatory approvals, tax restructuring of legacy liabilities, lessor and lender consents, aircraft financing arrangements and governance changes.
- The government and new owners say fresh capital will fund fleet renewal, route expansion and operational restructuring, a move they argue will lift fiscal pressure on the state, protect certifications and preserve employees while testing investor confidence in Pakistan’s privatisation push.