ISLAMABAD: The Privatisation Commission on Monday announced the formal transfer of management control of Pakistan International Airlines Corporation Limited (PIACL) to the Arif Habib Corporation-led consortium, culminating the privatisation process that began last year. “The government achieves first financial closing of PIACL privatisation transaction with management control transferred to the investor consortium following satisfaction of all conditions precedent under the Share Purchase and Subscription Agreement (SPSA),” said the Privatisation Commission after a meeting of the restructured PIACL board. The new board appointed Lt Gen (retd) Anwar Ali Haider, managing director of Fauji Foundation, as the first chairman of the privatised entity.