PC board backs inclusion of FFC in AHCL-led consortium for PIA stake sale

The Privatisation Commission (PC) Board on Monday 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).

The decision was taken in the 249th meeting of the PC Board held in Islamabad under the chairmanship of Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman, Privatisation Commission.

According to the draft press release issued by the Ministry of Privatisation, FFC was nominated by the AHCL-led consortium in line with the terms of the Share Purchase and Subscription Agreement (SPSA), with AHCL acting as the lead member.

The Board, after scrutiny and review, endorsed the nomination upon confirming that FFC meets the applicable eligibility and regulatory requirements.

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However, the proposed inclusion will be subject to approval by the CCoP and the Federal Cabinet, as required under the relevant legal framework.

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

The proposal is aimed at enhancing the Commission’s financial sustainability and supporting its institutional strengthening and reform initiatives.

The Board reiterated its commitment to implementing the privatisation programme in a transparent, competitive and rule-based manner to secure optimal returns for the national exchequer.