The first phase of the privatization of Pakistan International Airlines Corporation Limited (PIACL) has been completed, with the successful bidder consortium acquiring a 66.67% stake in the national carrier, according to a material information notice issued by PIA Holding Company Limited (PIAHCL).
In a disclosure submitted to the Pakistan Stock Exchange (PSX), PIAHCL said the first completion under the Share Purchase and Subscription Agreement (SPSA), signed on Jan. 29, 2026, took place on June 29, 2026.
The company said the share transfer and equity subscription outlined in the SPSA have been successfully completed. As a result, PIA Equity Limited — the special purpose vehicle established by the successful bidder consortium — now holds 66.67% of PIACL's issued and paid-up share capital, while PIAHCL retains the remaining 33.33% stake.
The disclosure said that, as part of the first completion, the agreed first tranche of the subscription amount was injected into PIACL as fresh equity capital in exchange for the issuance of new shares under the SPSA.
PIAHCL said the disclosure was made in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange regulations on material information.
The company added that the information was also being disseminated through the Pakistan Unified Corporate Action Reporting System (PUCARS) for the information of shareholders and the market.
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