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  "path": "/ffc-joins-pia-consortium",
  "publishedAt": "2026-03-04T05:23:42.000Z",
  "site": "https://nukta.com",
  "textContent": "\n\n\n\nPakistan’s Privatization Commission on Tuesday approved the inclusion of Fauji Fertilizer Company Limited in the consortium that won a majority stake in Pakistan International Airlines, marking a key step forward in the country’s most significant privatization in nearly two decades.\n\nThe commission endorsed FFC’s nomination to join the group led by Arif Habib Corporation Limited, which submitted the highest bid in December for a 75% stake in the national carrier.\n\n“The PC Board, after due scrutiny and review, endorsed the nomination and confirmed that FFC fulfills the applicable eligibility and regulatory requirements,” the Ministry of Privatization said in a statement.\n\nThe decision, taken at a meeting chaired by Privatization Adviser Muhammad Ali, will be forwarded to the Cabinet Committee on Privatization and the federal cabinet for final approval.\n\nThe Arif Habib Corporation-led consortium bid PKR 135 billion (about $480 million) for the airline, outpacing a rival offer from a group led by Lucky Cement in a competitive process broadcast live on television. The consortium may nominate up to two additional members under the transaction structure.\n\nOther members of the consortium include Fatima Fertilizer, AKD Group, The City School and Lake City Holdings. Arif Habib Corporation remains the lead and majority stakeholder.\n\nThe privatization of PIA is part of Pakistan’s broader reform agenda under a $7 billion Extended Fund Facility approved in September 2024 by the International Monetary Fund. The program requires restructuring and divestment of loss-making state-owned enterprises.\n\nPIA has accumulated heavy losses over the years, becoming a financial burden on the national exchequer. In an effort to make the airline more attractive to investors, the government assumed most of its legacy debt.\n\nThe carrier recently posted its first pre-tax profit in two decades, aided by the lifting of a five-year operational ban by Britain and the European Union that had barred it from key international routes.\n\nA previous attempt to privatize the airline in 2024 drew only a single $36 million bid from a real estate developer, far below the government’s minimum price of $305 million for a 60% stake, underscoring the challenges facing the long-delayed reform effort.\n\nIf completed, the sale would represent Pakistan’s first major privatization in nearly 20 years and a milestone in its push to overhaul struggling state-owned enterprises.",
  "title": "FFC approved to join consortium acquiring stake in PIA"
}