Pakistan, June 30 -- The Privatisation Commission (PC) of Pakistan on Monday achieved the first closing of the divestment of Pakistan International Airlines Corporation Limited (PIACL) through privatisation, transferring management control of the airline to the investor consortium led by Arif Habib Corporation Limited, following satisfaction of all conditions precedent under the Share Purchase and Subscription Agreement (SPSA).

The successful completion of the first closing of the PIACL privatisation transaction marks a significant milestone in the government's economic reform programme, said a press release issued by the Commission.

"It reflects the government's commitment to implement a transparent, competitive and investor-friendly p...