Officials reportedly told Pakistan’s Senate Standing Committee on Privatization that asset revaluation raised Pakistan International Airlines’ (PIA) value to around Rs41bn from a prior net worth of around Rs9bn. The March 2026 report places that revaluation before privatization—not after it—and does not identify Rs41bn as the price paid for the airline.
What the Senate panel was told about PIA’s value
ProPakistani reported on March 16, 2026, that officials briefing the Senate Standing Committee on Privatization said PIA’s net worth had fallen to around Rs9bn and that revaluing its assets raised the figure to around Rs41bn before privatization. The report also attributed around Rs500bn in losses for 2015–2023 to officials speaking to the committee. Separately, it reported that Privatization Secretary Usman Bajwa cited nearly Rs100bn in annual losses as a reason for privatizing the airline. These are reported briefing figures, not independently audited figures in the available reporting. ProPakistani’s March 16 report
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What Rs41bn does—and does not—mean
The report describes Rs41bn as a value after asset revaluation, but it does not supply the valuation date, method, underlying balance sheet, asset list, or treatment of liabilities. The original briefing document or transcript was not available in the cited reporting, and no individual speaker was named for this figure. That leaves the number as an attributed account of what officials told the committee, not a reproducible market valuation or confirmed sale price.
It is also not a post-privatization valuation. The March report places the revaluation before the privatization process. A revalued net-worth figure, a buyer’s payment for shares, transferred property, and a commitment to invest in the airline are different measures; the reported figures do not provide a common basis for treating them as interchangeable.
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How the reported valuation differs from the transaction figures
Later reporting describes a transaction with payments and commitments distinct from the Rs41bn briefing figure. ProPakistani reported on July 15, 2026, that the Senate committee was told the total transaction value was Rs55bn: Rs10bn received at first completion and a further Rs45bn due within a year for the remaining 25% stake. It separately reported an Rs80bn buyer commitment for investment in fleet expansion, modernization, operations, and network growth. These figures describe reported transaction terms, not the March revaluation. ProPakistani’s July 15 report
The July report also said 11 properties worth Rs14.2bn had transferred—four in Pakistan and seven overseas in India, the Netherlands, Uzbekistan, and the United States—and that 33 properties remained with PIA Holding Company. Property transfers are not the same thing as the value of an airline’s shares.
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| Figure | What the reporting says it represents |
|---|---|
| Around Rs41bn | PIA’s reported value after asset revaluation before privatization, according to officials briefing the Senate committee, as reported by ProPakistani in March 2026. |
| Rs10bn | Amount reported received at first completion, according to the July 2026 committee briefing report. |
| Rs45bn | Further amount reported due within a year for the remaining 25% stake, according to the July 2026 committee briefing report. |
| Rs55bn | Reported total transaction value combining the first-completion payment and the further payment, according to the July 2026 committee briefing report. |
| Rs80bn | Separate reported buyer investment commitment for PIA, not payment to the seller, according to the July 2026 committee briefing report. |
| Rs14.2bn | Reported value of 11 transferred properties, according to the July 2026 committee briefing report. |
What changed in ownership and when
Regulatory and legal steps preceded the reported transfer of management control. On April 29, 2026, the Competition Commission of Pakistan said it had approved PIA Equity Limited’s proposed acquisition after a Phase-I review under the Competition Act, 2010. The Commission identified the consortium members as Arif Habib Corporation, Fatima Fertilizer Company, Lake City Holdings, City Schools, and AKD Group Holdings. It said its review found the transaction would not create or strengthen a dominant position or likely substantially lessen competition, citing competition from domestic and international carriers and PIA’s declining market share. Competition Commission of Pakistan’s April 29 release
Radio Pakistan reported that the President assented to the Pakistan International Airlines Corporation (Conversion) (Repeal) bill on June 12, 2026, after approval by both houses of Parliament, and that legal requirements necessary for privatization completion had been fulfilled. Radio Pakistan’s June 12 report
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PIA’s company profile describes first completion on June 29, 2026, when PIA Equity Limited took management control and a 66.67% stake; PIA Holding Company Limited retained 33.33%. The profile says a second completion was expected within 12 months of the first, after which PIA Equity Limited would hold 75% and PIA Holding Company 25%. The profile’s stated expectation is not confirmation that the second completion has since occurred. PIA company profile
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the available figures can establish
The reports support a limited conclusion: officials reportedly described a rise in PIA’s value from around Rs9bn to around Rs41bn following asset revaluation before privatization. The material available does not establish how the figure was calculated or whether it represents fair value, equity value on a particular date, or a value accepted in the sale process. The later transaction reporting gives separate payment, property-transfer, and investment-commitment figures, but does not reconcile them to the Rs41bn estimate.
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