Fauji Fertilizer Company Limited (FFC) has formally expressed interest in acquiring shares of Pakistan International Airlines Corporation Limited (PIACL).
Previously, the government struggled to find a bidder for the privatization of Pakistan International Airlines, with a minimum price of $ 305 million, when the highest bid was just $ 36 million. However, with Fauji Fertilizer stepping up to revamp the flag carrier, PIA may bloom again!
As the national flag carrier of Pakistan, PIA has faced tremendous losses and incidents due to political interference, financial mismanagement, an outdated fleet, and an excessively large workforce. Contributing to Pakistan’s economic development, Fauji Fertilizer is expanding its portfolio by acquiring PIA.
FFC has informed the Pakistan Stock Exchange (PSX) about its expression of interest in acquiring the airline during the 234th board meeting. The board approved the submission of an Expression of Interest (EOI) and prequalification documents to the Privatization Commission as part of the government’s ongoing privatization process.
With the privatization of the national carrier of Pakistan, hopes are intact to visualize the Pakistan International Airlines growing wings again!
