ISLAMABAD: Fauji Fertiliser Company (FFC) on Wednesday decided to join a consortium led by Arif Habib Corporation Limited, which emerged as the winning bidder for the acquisition of a 75 per cent stake in Pakistan International Airlines (PIA) on Tuesday.
Confirming the development, Arif Habib told Dawn that FFC had joined his consortium and that discussions were under way to finalise the terms and conditions of the partnership.
FFC was one of the four bidders for the acquisition of a 75pc stake in PIA, but it withdrew from the bidding process ahead of the submission and opening of bids.
Under the conditions, a bidder that withdraws has the right to join the winning consortium, subject to meeting the criteria set by the Privatisation Commission.
Adviser to the Prime Minister on Privatisation Muhammad Ali welcomed the move, saying it would strengthen the consortium both financially and in terms of management depth, expertise and global linkages.
“PIA will require a financially and operationally sound consortium if we want to make it a global leader in aviation.
“The participation of Fauji Fertiliser will help in achieving this ambition and is an encouraging development,” he said.
Earlier, during a press conference, Mr Ali described Fauji Fertiliser as a sound and strong group with management expertise and presence.
“If they join, the buyer group will be further strengthened,” he said.
