Board clears move as group advances toward 75% acquisition
Fauji Fertiliser Company (FFC) has formally joined the Arif Habib-led consortium that has secured the winning bid to acquire a majority stake in Pakistan International Airlines (PIA).
According to Business Recorder, FFC’s board of directors approved the decision to participate in the consortium during a recent board meeting.
The Privatisation Commission had earlier cleared Fauji Fertiliser’s qualification statement in July 2025, enabling the company to take part in the bidding process for PIA’s privatisation.
Subsequently, at the auction held on December 23, 2025, the Arif Habib Corporation–led consortium submitted the highest offer and earned the right to purchase a 75 per cent shareholding in the national carrier.
Alongside Fauji Fertiliser, the consortium comprises Fatima Fertiliser Company Limited, Lake City Holdings (Private) Limited, AKD Group Holdings (Private) Limited, and The City Schools (Private) Limited.
FFC’s board has also empowered the company to execute all required agreements and documentation with the consortium, the Privatisation Commission, and other relevant stakeholders.
The report noted that Fauji Fertiliser may invest in PIA either directly or through a special purpose vehicle.
The transaction has not yet been finalised and remains contingent upon the issuance of a Letter of Acceptance by the Privatisation Commission, the signing of definitive agreements, and the completion of all necessary regulatory, corporate, and legal approvals.
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