Asad Rasool has been appointed as the Chief Executive Officer (CEO) of PIA Holding Company Limited (PIAHCL), effective from April 10, 2025.
The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“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,” read the notice.
PIAHCL is a public limited company currently majority-owned by the Government of Pakistan (GoP).
The company was established to succeed in specified assets, liabilities, and subsidiaries of Pakistan International Airlines Corporation Limited (PIACL), including specific business, property, rights, liabilities, and obligations of PIACL.
AVM Muhammad Amir Hayat completed his tenure as CEO of both PIAHCL and PIACL in December 2024. He was appointed in 2023 as CEO of PIA for one year, as the then government planned to privatise the loss-making state-owned enterprise (SOE), which has accumulated hundreds of billions of rupees in losses and arrears.
However, in a positive turnaround, Pakistan International Airlines (PIA) achieved net profitability for the first time in 21 years. The national carrier reported an operational profit of Rs3.9 billion and a net profit of Rs2.26 billion for the year 2024.
Defense Minister Khawaja Asif formally announced this achievement, noting that PIA’s return to profitability would not only enhance the airline’s reputation but benefit Pakistan’s economy.
He emphasised that this strong financial performance is particularly significant for the airline’s privatisation plans.
PIA privatisation has been a subject of concern for authorities in Islamabad, which were offering a stake of between 51% and 100% in the debt-ridden airline as part of reforms urged by the International Monetary Fund (IMF) with which it has an ongoing 37-month, $7-billion bailout.
However, after much delay, the government received only one bid i.e. from Blue World Consortium for a 60% stake in PIA, offering Rs10 billion against the Privatization Commission’s minimum price of Rs85 billion.
The government rejected the bid and decided to go for another round of privatisation.
