karachi: The Pakistan International Airlines Corporation Limited (PIACL) has undergone a significant transition following the implementation of the First Completion under the Share Purchase and Subscription Agreement (SPSA) on June 29, 2026, according to a disclosure by PIA Holding Company Limited (PIAHCL).

According to information available from the Pakistan Stock Exchange (PSX), the privatization process, initially disclosed on December 24, 2025, has reached a major milestone. The agreement, executed on January 29, 2026, facilitated the share transfer and equity subscription envisioned under the SPSA. As a result, PIA Equity Limited, a special purpose vehicle formed by the successful bidder consortium, now controls 66.67% of the issued and paid-up share capital of PIACL. Meanwhile, PIAHCL holds the remaining 33.33%.

The First Completion also saw the injection of the agreed first tranche of the subscription amount as fresh equity capital into PIACL, with the issuance of new shares in line with the SPSA terms. This development marks a crucial step in the privatization efforts of PIACL, ensuring the strategic involvement of PIA Equity Limited in the airline's future operations.

This material information has been disseminated through PUCARS to inform all relevant stakeholders.