Islamabad – April 10, 2025:
Asad Rasool has been officially appointed as the new Chief Executive Officer (CEO) of PIA Holding Company Limited (PIAHCL), replacing Air Vice Marshal (AVM) Muhammad Amir Hayat. The appointment is effective from April 10, 2025, as per a notice issued to the Pakistan Stock Exchange (PSX) on Thursday.
The notification read, “We have to inform you that Asad Rasool has been appointed as Chief Executive Officer of PIAHCL with effect from April 10, 2025, in place of AVM Muhammad Amir Hayat.”
Background and Transition:
PIAHCL is a public limited company, currently majority-owned by the Government of Pakistan (GoP). It was established to take over specified assets, liabilities, and subsidiaries of the Pakistan International Airlines Corporation Limited (PIACL). This transition includes the airline’s business operations, properties, rights, and obligations.
AVM Muhammad Amir Hayat served as the CEO of both PIACL and PIAHCL until his tenure ended in December 2024. He was appointed in 2023 for a one-year term, during which the government focused on privatising the loss-making state-owned enterprise (SOE).
PIA’s Financial Turnaround:
In a rare and notable achievement, PIA posted a net profit of Rs2.26 billion and an operational profit of Rs3.9 billion for the year 2024. This marks the first time in 21 years that the national carrier has returned to profitability.
The announcement was formally made by Defence Minister Khawaja Asif, who hailed the achievement as a major milestone. He emphasized that the improved financial performance not only boosts PIA’s reputation but also strengthens the economic outlook for Pakistan.
This turnaround comes at a critical time, as the government continues efforts to privatise PIA under economic reforms mandated by the International Monetary Fund (IMF) as part of a 37-month, $7-billion bailout package.
Privatisation Efforts Continue:
The privatisation of PIA has been a focal point for policymakers, with the government offering a stake between 51% and 100% in the airline. However, the first bidding round drew only one offer—from the Blue World Consortium, which proposed Rs10 billion for a 60% stake, far below the Privatization Commission’s minimum price of Rs85 billion.
Due to the undervaluation, the government rejected the offer and has now decided to initiate a second round of privatisation, with the aim of attracting more competitive bids aligned with the airline’s improved financial performance.
Asad Rasool’s appointment comes at a crucial time, as the airline navigates its transformation journey under renewed leadership, better performance, and revived privatisation goals.
