Fauji Fertiliser gets PC nod to join PIA buyer consortium

ISLAMABAD: The Privatisation Commission (PC) Board, in its 249th meeting held today under the chairmanship of Mr. Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman, Privatisation Commission, recommended to the Cabinet Committee on Privatisation (CCoP) the approval of inclusion of Fauji Fertilizer Company Limited (FFC) in the consortium led by Arif Habib Corporation Limited (AHCL), the successful bidder for Pakistan International Airlines Corporation Limited (PIACL).

In accordance with the terms of the Share Purchase and Subscription Agreement (SPSA), FFC was nominated by the AHCL-led consortium, with AHCL serving as the lead member.

The PC Board, after due scrutiny and review, endorsed the nomination after confirming that FFC fulfils the applicable eligibility and regulatory requirements.

The proposed inclusion of FFC in the consortium is subject to approval by the Cabinet Committee on Privatisation (CCoP) / Federal Cabinet, as required under the applicable framework.

In a separate agenda item, the PC Board also recommended a revision in the fee structure of the Privatisation Commission, to be charged from the proceeds of privatisation transactions.

The proposal aims to enable the Commission to move towards greater financial sustainability and to support its institutional strengthening and reform initiatives.

The PC Board reaffirmed its commitment to implementing the privatisation programme in a transparent, competitive, and rule-based manner to ensure optimal outcomes for the national exchequer.