Fauji Fertiliser Cleared for Ownership Stake in Pakistan International Airlines

Islamabad – The Privatisation Commission of Pakistan has recommended the inclusion of Fauji Fertiliser Company Limited (FFC) in the Arif Habib Corporation-led consortium that acquired a 75 percent stake in Pakistan International Airlines (PIA) in December 2025. This move paves the way for the consortium to potentially gain full control of the national flag carrier.

Consortium’s Acquisition and FFC’s Initial Withdrawal

The Arif Habib-led consortium successfully bid Rs135 billion for a 75 percent stake in PIA last December [1]. Fauji Fertiliser initially participated in the bidding process but withdrew before the auction took place [2], [3]. However, it subsequently joined the winning group on December 25, 2025 [1].

Privatisation Commission’s Endorsement

The Privatisation Commission board’s endorsement, made during a meeting chaired by the Adviser to the Prime Minister on Privatisation, Muhammad Ali, confirms that FFC meets the necessary eligibility and regulatory requirements [1]. This decision allows the consortium to proceed with acquiring the government’s remaining 25 percent holding in PIA, ultimately leading to complete ownership of the airline.

Consortium Structure

The Arif Habib-led consortium currently comprises the following stakeholders and their respective ownership percentages: Fatima Fertiliser (34.1 percent), Fauji Fertiliser (33.9 percent), Lake City (16 percent) and a partnership between the City School and the AKD (Aqeel Karim Dhedhi) Group (16 percent) [1].

Next Steps and Approvals

The inclusion of FFC is still subject to ratification by the Cabinet Committee on Privatisation and the federal cabinet, as mandated by the governing framework [1].