Fauji Fertilizer Company Limited (FFC) has approved joining the Arif Habib-led consortium that has emerged as the successful bidder for Pakistan International Airlines Corporation Limited (PIACL).
According to media reports, the approval was granted by the FFC Board of Directors during a meeting held on December 24. Under the decision, FFC has been authorized to become part of the consortium led by Arif Habib Corporation Limited and to acquire equity shares in PIACL, either directly or through a Special Purpose Vehicle (SPV).
The board has also allowed the company to sign all necessary agreements and documents with the consortium, the Privatization Commission, and other relevant stakeholders to complete the transaction.
Besides Fauji Fertilizer, the Arif Habib Consortium includes several major corporate entities, such as Fatima Fertilizer Company Limited, The Lake City Holdings (Private) Limited, AKD Group Holdings (Private) Limited, and The City Schools (Private) Limited. The group aims to bring strategic investment and operational expertise to the national airline through a joint bid.
However, officials noted that the approval is subject to the completion of legal and regulatory formalities. These include the issuance of a Letter of Acceptance by the Privatization Commission, execution of final agreements among all parties, and receipt of required regulatory, corporate, and legal approvals.
It is pertinent to mention that the Arif Habib Consortium won the bid for 75 percent shares of PIACL after offering Rs135 billion. A competing consortium led by Lucky Group had submitted a bid of Rs134 billion, but the Arif Habib-led group increased its offer by Rs1 billion to secure the deal.
