Lahore (Commerce Desk): In the privatization of the national airline, Fauji Fertilizer Company has become part of the Arif Habib Consortium, which will provide financial support and corporate expertise to the airline.
According to the official statement, the consortium secured 75 percent of PIA shares by placing the highest bid of PKR 135 billion. Under this agreement, Fauji Fertilizer will be integrated into the airline’s management structure.
The statement also mentioned that an investment of PKR 125 billion will be made in the first year to upgrade ground operations, aiming to improve the airline’s services and overall performance.
It is noteworthy that the Lucky Consortium was the runner-up in the PIA privatization, bidding PKR 134 billion, but the Arif Habib Consortium surpassed them with the highest offer.
