ISLAMABAD: Fauji Fertilizer Company Limited (FFC), a leading fertilizer manufacturer of Pakistan, has officially declared its interest in buying shares of Pakistan International Airlines Corporation Limited (PIACL), the national airline of Pakistan, which is underway to be privatized.
FFC announced its notice to the Pakistan Stock Exchange (PSX) on Monday. Board of Directors of Fauji Fertilizer Company Limited (FFC) at 234th Board of Directors meeting of June 13, 2025 have authorized submission of Expression of Interest (EoI) and prequalification documents to the Privatization Commission for their consideration in connection with possible acquisition of shares in Pakistan International Airlines Corporation Limited (PIACL), and conducting a thorough due diligence process in this context,” stated the notice.
Incorporated in Pakistan as a public company limited by shares, FFC is involved in the production, acquisition, and sale of fertilizers and chemicals. FFC also makes investments in other fertilizer, chemicals, cement, food processing, energy generation, and banking activities.
On the other hand, PIACL, which is a public company limited by shares, is the national flag carrier airline of Pakistan. The Government of Pakistan (GOP), by and through PIA Holding Company Limited, holds nearly 96% of the issued capital of PIA.
PIA is a complete service airline, offering aviation services backed by its ancillary business units. PIA served nearly 4 million passengers to 30 destinations in the previous financial year, operating 268 flights weekly.
The government last month also extended the date to receive EoI for the acquisition of PIACL up to June 19, 2025, from the previous June 3 date, with all terms and conditions intact.
The government has been trying to offload a 51-100% stake in the loss–making carrier to raise finances and restructure cash-sapping, state-owned enterprises (SOEs) as contemplated under a $7 billion International Monetary Fund program (IMF).
It missed the first bid to privatize the PIA last year when it received a single bid, which was much lower than the minimum price of over $300 million.
Blue World City consortium did not agree to meet the Privatisation Commission‘s minimum expectation of Rs85.03 billion and remained adamant on its initial offer of Rs10 billion for a 60% stake in the PIA, bringing the bidding process of privatisation of the national flag carrier to an end.
