Fauji Fertilizer Company Ltd (FFC), one of Pakistan’s largest fertiliser companies, has officially expressed interest in acquiring a stake in Pakistan International Airlines (PIA), as the government resumes efforts to privatise the struggling national carrier.
In a regulatory filing to the Pakistan Stock Exchange on Monday, FFC said its board had approved the submission of an Expression of Interest (EoI) to the Privatisation Commission during a meeting held on June 13. The move would also involve prequalification procedures and a full due diligence review of PIA’s financial and operational condition.
FFC, a publicly listed company, manufactures and markets fertilisers and chemicals, and has diversified investments across sectors including energy, cement, food processing, and financial services. This marks its first formal step toward entering the aviation sector.
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The government is currently seeking investors to acquire between 51 and 100 per cent of PIA’s shares. The airline has been incurring heavy losses for years and is part of a broader privatisation drive under a \$7 billion International Monetary Fund programme aimed at cutting down public sector losses.
PIA, which is majority-owned by the federal government through the PIA Holding Company, operates as a full-service airline. Last financial year, it carried around 4 million passengers to over 30 domestic and international destinations, operating more than 250 flights a week.
