What happened
The Pakistan Stock Exchange (PSX) hosted a gong ceremony on 12 February 2026 to mark the privatisation of Pakistan International Airlines (PIA), a transaction valued at Rs135 billion, ProPakistani reported.
The event was attended by Muhammad Ali, adviser to the prime minister on privatisation and chairman of the Privatization Commission, along with SECP Commissioner Muhammad Ali Farid Khwaja, businessman Arif Habib, AKD Group chairman Aqeel Karim Dhedhi, PSX Chairman Ruhail Muhammad and board members, and representatives of banks, brokerage houses and asset management companies.
Why it matters
The report described the sale as the first significant divestment of a state-owned enterprise in nearly two decades. Bids totalling about Rs250 billion (roughly $900 million) were received, which the exchange presented as a sign of investor confidence in the privatisation process.
Muhammad Ali said the transaction demonstrated the government’s commitment to a transparent, competitive and market-driven privatisation, and that restructuring loss-making state-owned enterprises was essential for fiscal stability and economic recovery. SECP Commissioner Muhammad Ali Farid Khwaja said strengthening capital markets was critical for sustainable growth, policy transparency and investor confidence.
Arif Habib called the transaction historic and said Rs55 billion of the total value would go to the government while Rs125 billion would be invested in PIA’s future growth. Aqeel Karim Dhedhi described it as a benchmark transaction among state-owned enterprises and credited former caretaker finance minister Shamshad Akhtar with restructuring PIA’s guarantees.
Listing plans and the T+1 change
Separately, the airline’s new owners aim to list PIA on the PSX within a year of taking operational control and to offer between 5 percent and 10 percent of its shares to the public, according to a Bloomberg report cited by ProPakistani. A consortium led by major business groups bought a 75 percent stake for Rs135 billion, with Aqeel Karim Dhedhi’s AKD Group holding 16 percent, the report said.
PSX CEO Farrukh H. Sabzwari said the process coincided with Pakistan’s move to the T+1 settlement system, placing the country among the first ten markets globally to adopt the mechanism. He added that nearly $1 billion had been committed by domestic investors in the PIA deal alone.
Background
PIA began as Orient Airways in 1946 and became the national carrier in 1955. The report noted that it was the first Asian airline to introduce jet service, in 1960, and the first non-Communist airline to operate flights to China, in 1964.
Sources & reporting notes
This article summarises published reporting, not eyewitness coverage. Sources were reviewed on 12 February 2026.
- ProPakistani — "PSX Hosts Gong Ceremony to Mark Historic PIA Privatization"12 February 2026 · Lists the transaction value, attendees and remarks at the ceremony.
- ProPakistani — "New PIA Owners Plan PSX Listing Within a Year"12 February 2026 · Reports the consortium's stake, the planned share sale and the next privatisation steps.
- KhabarWire — "Pakistan moves to T+1 settlement cycle"Context on the market settlement change mentioned at the PSX ceremony.
