Fauji Fertiliser joins Arif Habib Consortium in PIA privatisation deal

Arif Habib Consortium announced that Fauji Fertiliser Company Limited has joined its consortium, which acquired a 75% majority stake in Pakistan International Airlines with the highest bid of Rs135 billion in an auction held for the privatisation process of the national flag carrier. The consortium, in its statement issued on Thursday, said the partnership will contribute to the airline’s financial support and corporate expertise. It added that Fauji Fertiliser will also be part of the management structure along with the Arif Habib Consortium. “The consortium will invest Rs125bn in the first year to upgrade ground operations and overall services.”