Privatisation panel clears way for FFC to join Arif Habib-led PIA consortium

The Privatisation Commission board on Tuesday endorsed the inclusion of Fauji Fertilizer Company in the Arif Habib-led consortium that had won a 75 per cent stake in Pakistan International Airlines. The recommendation now paves the way for the consortium to acquire the remaining 25 per cent stake, moving toward full ownership of the flag carrier, subject to cabinet approvals.

The consortium, which had successfully bid Rs135 billion in December, originally included FFC as a bidder, but the company had withdrawn before the auction and later joined the winning group on December 25.

The meeting, chaired by Adviser to the Prime Minister on Privatisation Muhammad Ali, confirmed that FFC meets all eligibility and regulatory requirements under the share purchase and subscription agreement. Arif Habib Corporation Limited serves as the consortium’s lead member.

The consortium’s composition includes Fatima Fertilizer (34.1%), Fauji Fertilizer Company (33.9%), Lake City (16%), and The City School with AKD Group (16%).

Officials said final approval from the Cabinet Committee on Privatisation and the federal cabinet is required before the consortium can exercise full control of PIA.