President Asif Ali Zardari has signed the Pakistan International Airlines Corporation (Conversion) (Repeal) Bill, 2026, formally completing the legal requirements for the national carrier’s privatization.
The repealed 2016 legislation, which originally converted the flag carrier into a public limited company, has been officially rescinded following presidential approval. The bill passed the Senate on June 10 and the National Assembly on June 11 before receiving the president’s assent.
The Presidency confirmed that all necessary legal procedures for the privatization of Pakistan International Airlines Company Limited (PIACL) have been fulfilled.
A consortium led by Arif Habib Corporation Limited secured 75 percent of PIA shares in December with a Rs135 billion bid. Transaction documents were signed in January during a ceremony attended by Prime Minister Shehbaz Sharif.
The consortium plans to revitalize the airline through operational restructuring, fleet modernization, and enhanced customer service. They intend to acquire the remaining 25 percent government stake to achieve full operational control and streamline decision-making processes.