ISLAMABAD (MNN); The Privatisation Commission of Pakistan board on Tuesday recommended the formal inclusion of Fauji Fertilizer Company in the Arif Habib-led consortium that had secured the winning bid for Pakistan International Airlines (PIA).
In December last year, the consortium had successfully offered Rs135 billion for a 75 per cent stake in the national flag carrier. Although Fauji Fertilizer Company had initially participated in the bidding process, it withdrew before the final auction stage. However, it later joined the successful consortium on December 25.
The latest recommendation by the Privatisation Commission board now clears the way for the consortium to proceed towards acquiring the remaining 25 per cent stake in PIA, enabling it to assume full control of the airline, subject to further approvals.
The board meeting was chaired by Adviser to the Prime Minister on Privatisation, Muhammad Ali.
According to an official press release, Fauji Fertilizer Company was nominated by the consortium in line with the terms of the share purchase and subscription agreement, with Arif Habib Corporation Limited acting as the lead member.
After reviewing the nomination, the board confirmed that Fauji Fertilizer Company met all relevant eligibility and regulatory requirements and endorsed its inclusion. However, the statement clarified that the proposal remains subject to approval by the Cabinet Committee on Privatisation and the federal cabinet under the applicable legal framework.
The Arif Habib-led consortium comprises Fatima Fertilizer (34.1pc), Fauji Fertilizer Company (33.9pc), Lake City Holdings (16pc), and The City School in partnership with the AKD Group (16pc).
