Fauji Fertilizer Company eyes PIA stake ahead of June 19 bidding deadline 

ISLAMABAD: Fauji Fertilizer Company Ltd (FFC) has submitted an expression of interest to acquire a stake in Pakistan International Airlines Corporation Ltd (PIACL), the state-owned carrier being privatised, the company said in a notice to the stock exchange on Monday.  

FFC’s board approved the move during a meeting held on June 13, allowing the company to submit prequalification documents and begin due diligence, according to the filing. FFC, one of Pakistan’s largest fertiliser manufacturers, is part of the Fauji Foundation group and holds investments across multiple sectors, including cement, power, food, and banking.  

The government plans to sell a 51 to 100 per cent stake in PIA as part of efforts to reform loss-making state-owned enterprises under a $7 billion International Monetary Fund programme. Islamabad extended the deadline to submit expressions of interest to June 19 from June 3.  

The last attempt to sell the airline failed after a consortium led by Blue World City offered Rs10 billion for a 60 per cent stake, far below the Privatisation Commission’s floor price of Rs85.03 billion.  

The government owns around 96 per cent of PIA through the PIA Holding Company. The airline operates 268 weekly flights across 30 destinations and carried about 4 million passengers last year. 

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