Prime Minister Shehbaz Sharif on Thursday congratulated the nation on the completion of Pakistan International Airlines’ (PIA) privatisation as he, alongside Chief of Defence Forces and Army Staff Field Marshal Asim Munir, witnessed the signing of documents pertaining to the transaction.

The documents were signed by the government and a consortium led by Arif Habib Corporation Limited at a ceremony in Islamabad, where several federal ministers were also present.

The Arif Habib-led consortium had won the auction for 75 per cent shares of PIA in December last year, making a winning bid of Rs135 billion.

After the documents were signed, PM Shehbaz said, “I want to congratulate the entire nation from the bottom of my heart on the completion of PIA’s privatisation, the process for which began a month ago.”

He commended Arif Habib and his team, terming them “committed business ambassadors of Pakistan”.

“Their performance in the industrial growth and progress of Pakistan is very prominent,” he added.

He said as Habib had also stated, speaking before him, the businessman’s first priority would be ensuring comfortable travel for passengers, their safety and respect.

The premier recalled that the airline had peaked in the 1960s, adding that he resolutely believed that Habib and his team would make PIA scale even greater heights.

Earlier, as the ceremony commenced, Adviser to the PM on Privatisation Muhammad Ali thanked the premier and the army chief for their “immense hard work” and “support” in the process of PIA’s privatisation.

“Had it not been for their guidance and engagement, we would not be here today. I have no qualms in saying that today we are here because of their efforts,” Ali said.

He said the signing marked “one of the most significant milestones undertaken by the current government”, adding that the transaction was completed in a very efficient and transparent manner. And the highest bidder won the auction for PIA after a competitive process, he said.

The PM’s adviser further stated that the airlines’ privatisation had turned out to be “the largest transaction in the history of privatisation in Pakistan”.

“Under this transaction, the investment by all consortium members will add up to Rs180bn, which is equivalent to around $650 million. From this amount, Rs125bn, which is equivalent to $450m, will be invested in PIA and Rs55bn, equivalent to $200m, will be paid to the government,” he detailed.

The growth capital invested in PIA would be used for fleet expansion, service improvement, private-sector management and to take the airline “back to its glory days”, he continued.

Ali said PIA’s privatisation had proved that “Pakistan means business”.

Moreover, he added, “it has also shown that our privatisation programme is aggressive, that the government has decided to sold its loss-making and commercial enterprises, and most importantly, that we have the capacity to structure complex transactions”.

And the transaction had also proved that Pakistan’s local entrepreneurs were not shying away from large ticket items and large investment, and that they would participate in Pakistan’s next growth story, Ali concluded.

After him, Habib addressed the ceremony and said, “We consider ourselves very lucky that we volunteered for this national cause.”

He said the entire investment under the transaction was “100pc equity”. Habib further said PIA’s privatisation was an endorsement of the business sentiment in Pakistan being “very positive”.

He further stated that the biggest beneficiaries of this transaction would be the people, who would avail the airlines’ improved services. He added that they had held a meeting with aircraft manufacturer Boeing and would hold another one with Airbus.

“We are exploring more options as well,” he said, adding that his consortium would get PIA’s control in three months and until then, the consortium’s team was working very hard.

“I assure the prime minister that we will fulfil your expectations. Our consortium believes that we are doing this for our respect. We responded to the government’s call, and if we accomplish this task, it will show that even businessmen are soldiers. So my request is to keep guiding us,” he said.

He also announced that the consortium had decided to exercise the option of acquiring the remaining 25pc shares of the airline as well. “So the government will get Rs55bn.”