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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Adviser to the Prime Minister on Privatisation Muha\u00admmad Ali welcomed the move, saying it would strengthen the consortium both financially and in terms of management depth, expertise and global linkages.<\/p>\n
\u201cPIA will require a financially and operationally sound consortium if we want to make it a global leader in aviation.<\/p>\n
\u201cThe participation of Fauji Fertiliser will help in achieving this ambition and is an encouraging development,\u201d he said.<\/p>\n
Earlier, during a press conference, Mr Ali described Fauji Fertiliser as a sound and strong group with management expertise and presence.<\/p>\n
\u201cIf they join, the buyer group will be further strengthened,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":1,"featured_media":14488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/14487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14487"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/14487\/revisions"}],"predecessor-version":[{"id":14489,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/14487\/revisions\/14489"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/14488"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}