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ISLAMABAD, Dec 24 (APP): Prime Minister Muhammad Shehbaz Sharif on Wednesday appreciated the government team involved in the privatization of Pakistan International Airlines (PIA), saying the successful completion of the process marked a major milestone achieved in the larger national interest.
He directed that all the loss-making State Owned Entities (SOEs) must be offloaded immediately in a transparent manner to avoid annual losses, and the funds should be spent on the country’s development and prosperity.
Addressing the government team members associated with the privatization process, the prime minister said that the PIA privatization was concluded a day earlier with full transparency, professionalism, and teamwork. He recalled that several attempts had been made in the past to privatize the airlines, but those efforts could not succeed due to some reasons. A similar attempt last year also failed, he added.
The prime minister said the government did not lose heart and decided to move forward again on a fast-track basis, despite the complexity and difficulty of the task. He said the process was completed through close coordination, consultation, and teamwork involving legal, financial, and technical experts, as well as relevant ministries.
Prime Minister Shehbaz Sharif said that earlier this month, he personally met potential bidders, discussed their concerns in detail, and addressed their reservations. With their consent, December 23 was fixed as the date for divestment, he added.
He said the bidding mechanism was finalized through mutual consultation to ensure complete transparency. The cabinet committee approved a reference price of Rs 100 billion as recommended by the Privatization Commission.
The prime minister said the bidding process was broadcast live, and the final bid was settled at Rs 135 billion. Including the remaining 25 percent government shareholding, he said the total valuation reached Rs 180 billion.
He said the government learned from past failures and ensured that mistakes were not repeated, adding that the entire process was carried out in a transparent and professional manner.
Congratulating the nation, the prime minister said the successful conclusion of the process was made possible with the prayers and support of the people.
He expressed hope that the new management would bring fresh investment, modern equipment, and new aircraft, enabling PIA to further develop in the coming days. He also congratulated the investors who acquired the airline.
The prime minister lauded the efforts of the government team, including Deputy Prime Minister Ishaq Dar, Field Marshal Syed Asim Munir, Defence Minister Khawaja Asif, Finance Minister Muhammad Aurangzeb, Chairman Privatization Commission Muhammad Ali, Usman Akhtar Bajwa, Asad Hussain, and Zeeshan Hussain.
He described Chairman Privatization Commission Muhammad Ali as the “star performer” of the team and announced that he would be honoured on March 23 in recognition of his services.
The prime minister noted that PIA had been incurring annual losses of around Rs 35 billion due to bad practices, inefficiency, and lack of commitment. He said officers working day and night for national development, poverty reduction, and economic stability were the real heroes.
The prime minister also presented awards to the members of the government team who played a key role in successfully completing the PIA privatization process at the ceremony.