New shareholder added: Fauji Fertilizer becomes part of PIA Equity Limited

The Arif Habib Consortium has formed a Special Purpose Vehicle (SPV), PIA Equity Limited (PIAEL), with Fauji Fertilizer Company Limited (FFCL) joining as a shareholder, according to an official handout.

PIAEL will now own 100% of Pakistan International Airlines (PIA).

In addition to FFCL, the SPV’s shareholding includes Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, Lake City Holdings, AKD Group, and The City School Group.

PIAEL will serve as the central platform for the acquisition and future management of Pakistan International Airlines Corporation Limited (PIACL).

The consortium continues to work closely with the Privatisation Commission to advance the transaction towards successful completion.

The move comes a day after Competition Commission of Pakistan (CCP) approved the acquisition of the national flag carrier by PIA Equity Limited.

The approval follows a Phase-I competition assessment under the Competition Act, 2010.

This acquisition is part of the Government of Pakistan’s privatization initiative and aims to revitalize PIA, reducing its reliance on government support.