Ministry of Privatisation, Government of Pakistan

Government of Pakistan
Ministry of Privatisation /
Privatisation Commission

Press Release

Islamabad, May 20, 2026

Privatisation Commission Board Reviews Progress on First Closing of PIACL Privatisation Transaction

The Privatisation Commission (PC) Board, in its 252nd meeting held today under the chairmanship of Mr. Muhammad Ali, Adviser to the Prime Minister on Privatisation, reviewed the progress on the first closing of the privatisation transaction of Pakistan International Airlines Corporation Limited (PIACL).

During the meeting, the Financial Adviser briefed the Board on the progress achieved towards the fulfilment of the conditions precedent outlined in the Share Purchase and Subscription Agreement (SPSA), including key regulatory, financial, and transactional requirements necessary for completion of the first closing.

The Board expressed satisfaction with the progress made so far and granted the necessary approvals to facilitate the materialisation of the first closing of the transaction.

The Board reaffirmed the Government’s commitment to advancing the privatisation programme in a transparent, competitive, and professionally managed manner aimed at promoting efficiency, strengthening investor confidence, and supporting sustainable economic reforms.

Spokesperson
Privatisation Commission of Pakistan.

“The Privatisation Commission will engage with potential investors and power sector stakeholders to refine the existing DISCO tariff structure, MYT regime, business model, and framework for competitive suppliers. The proposed reforms aim to create a performance and efficiency based return regime while enabling private sector buyers to leverage DISCO infrastructure and customer base for additional business opportunities. These measures are expected to support faster and more effective private sector participation in Pakistan’s power supply business.”
Muhammad Ali
Advisor to the Prime Minister/ Chairman, Privatisation Commission of Pakistan

A proud moment as Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission, was conferred with the prestigious award “Hilal-i-Imtiaz” in recognition of his exceptional contributions towards energy sector, visionary leadership, and outstanding public service.

The investiture ceremony marks national recognition of his commitment to institutional excellence.

Through his leadership across key national initiatives, including critical reforms in the power sector, he has played an instrumental role in strengthening governance and driving impactful change for the country.

This honour reflects a legacy of dedication, integrity, and service to the nation.

Government of Pakistan
Ministry of Privatisation
Privatisation Commission

Press Release
Islamabad, April 30, 2026

*Privatisation Commission Receives Notice of Intent for Acquisition of Remaining Stake in PIACL*

The consortium led by Arif Habib Corporation Limited (AHCL) has notified the Privatisation Commission of its intent to acquire the remaining 25% equity stake in Pakistan International Airlines Corporation Limited (PIACL), paving the way for full private-sector ownership of the national carrier.

Management control is expected to be transferred on or before May 25, 2026, the First Closing Date announced by the Privatisation Commission, subject to the fulfilment of Conditions Precedent set out in the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026.

The notice of intent to acquire the remaining 25% equity stake (call option) has been accompanied by the requisite standby letter of credit and will be exercised in accordance with the terms of the SPSA.

Total private-sector investment in the transaction is expected to amount to approximately PKR 180 billion, comprising:

- A minimum of PKR 55 billion payable to the Government of Pakistan as divestment proceeds; and
- PKR 125 billion to be injected as fresh equity into PIACL to support the airline’s recapitalisation.

The planned equity injection will support fleet expansion and modernisation, route development, and improvements in customer service and operational systems.

The consortium comprises Arif Habib Corporation Limited (AHCL), Fatima Fertilizer Company Limited, Lake City Holdings (Pvt) Limited, The City School (Pvt) Limited, AKD Group Holdings (Pvt) Limited, and Fauji Fertilizer Company (FFC) Limited. The Privatisation Commission, the consortium, the Government of Pakistan, and PIACL are working jointly to fulfil the conditions precedent ahead of the First Closing.

Government of Pakistan
Ministry of Privatisation
Privatisation Commission

Press Release
Islamabad, April 29, 2026

*Privatisation Commission Board Recommends Transaction Structure for Privatisation of ZTBL*

The Privatisation Commission (PC) Board, in its 251st meeting held today under the chairmanship of Mr. Muhammad Ali, Adviser to the Prime Minister on Privatisation, made key recommendations to the Cabinet Committee on Privatisation (CCoP) regarding the privatisation of Zarai Taraqiati Bank Limited (ZTBL).

The Board endorsed the proposed transaction structure and a comprehensive restructuring plan for Zarai Taraqiati Bank Limited, following a detailed presentation by the financial adviser. The proposals were refined after extensive deliberations, with a focus on maximising value for the Government of Pakistan. These recommendations will now be submitted to the CCoP for consideration at its forthcoming meeting.

The Board reaffirmed its strong commitment to advancing the government’s privatisation agenda with efficiency, transparency, and strategic focus.

*Clarification*

With reference to a news item published in Business Recorder on April 29, 2026, regarding the privatisation process of the first batch of power distribution companies (DISCOs), the Privatisation Commission clarifies that the transaction structure and restructuring plans for Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), and Islamabad Electric Supply Company (IESCO) were approved by the PC Board in its meeting held on April 14, 2026.
These will now be considered by the Cabinet Committee on Privatisation (CCoP) at its forthcoming meeting. Following approval by the CCoP, Expressions of Interest (EOIs) for the privatisation of the three DISCOs in the first batch will be invited.

Press Release
Islamabad;16th April, 2026.

First Women Bank’s privatisation achieves financial close

The privatisation of First Women Bank Limited (FWBL) achieved financial close on Wednesday, 15 th April, 2026 with the transfer of management control and ownership of the bank to EVE Holding RSC Limited, following the fulfillment of all conditions precedent, including receipt of requisite regulatory approvals. Under the terms of the transaction, the Government has divested its entire 82.64% shareholding in FWBL marking a significant milestone in the country’s privatization program, and bringing to successful conclusion a decade long effort to privatize the bank.

The privatisation of FWBL is expected to unlock the bank’s growth potential under private ownership by enhancing operational efficiency, fostering innovation, and improving service delivery, particularly in advancing financial inclusion for women. This achievement underscores the Government’s continued commitment to reducing its footprint in commercial enterprises, attracting quality investment, and promoting a dynamic, private sector-led economy.

Government of Pakistan
Ministry of Privatisation
Privatisation Commission
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Press Release
Islamabad, April 14, 2026

PC Board Advances DISCOs' Privatisation, Approves Roosevelt Hotel Adviser

The Privatisation Commission (PC) Board, in its 250th meeting held today under the chairmanship of Mr. Muhammad Ali, Adviser to the Prime Minister on Privatisation, approved key recommendations for submission to the Cabinet Committee on Privatisation (CCoP) regarding the privatisation of the first batch of power distribution companies (DISCOs), namely Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), and Islamabad Electric Supply Company (IESCO).

The Board approved the proposed transaction structure, pre-qualification criteria, and restructuring plans for each of the three DISCOs, thereby achieving a major milestone in the transaction process.

The recommendations of the PC Board will be submitted to the CCoP for consideration and approval at its forthcoming meeting. Following approval, Expressions of Interest (EOIs) will be invited from prospective investors.

The Board noted that the proposed framework is designed to attract credible private sector participation and unlock value in the power distribution sector.

The Board also reviewed the reforms proposed for the post-privatisation regime framework presented by the Privatisation Commission. The envisaged reforms aim to ensure commercial sustainability, regulatory predictability, and service quality in the power distribution sector.

In a separate agenda item, the Board approved the consortium led by Citibank as the top-ranked bidder for appointment as Financial Adviser for the privatisation of the Roosevelt Hotel, New York. The Board also constituted a negotiation committee to finalise the Financial Advisory Services Agreement (FASA) with the successful consortium.

The Board reaffirmed its commitment to advancing the government’s privatisation programme in a transparent, efficient, and results-oriented manner, with a focus on the timely ex*****on of key transactions.

Fact Check: Committed to truth and transparency. 🛑 Beware of fake news and misleading reports. We officially clarify that NO agreement regarding the Islamabad International Airport has been cancelled. Always verify through official channels! ✅