Pakistan International Airlines (PIA) has selected former Ethiopian Airlines Chief Executive Officer Tewolde Gebremariam as its new CEO.
The appointment is subject to mandatory security clearances before being formally announced, according to officials familiar with the matter.
Tewolde is an experienced aviation leader with a proven record of reviving and expanding airlines.
During his tenure at Ethiopian Airlines, Tewolde oversaw the carrier’s transformation into Africa’s largest airline.
His selection follows the completion of the first phase of PIA’s privatization, under which management control was transferred to a consortium led by Arif Habib Corporation after all conditions of the Share Purchase and Subscription Agreement (SPSA) were fulfilled.
As part of the first closing, the consortium paid Rs. 10 billion to the government for the acquisition and injected Rs. 80 billion into PIA to strengthen its finances.
In total, the consortium has committed Rs. 180 billion, including Rs. 55 billion for the purchase of a 75 percent stake in the airline and Rs. 125 billion in fresh capital.
The second closing is expected within the next 12 months, during which the consortium will inject another Rs. 45 billion into PIA. It has also exercised its option to acquire the remaining 25 percent stake for an additional Rs. 45 billion, subject to the terms of the SPSA.
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