FFC submits EOI to join PIA privatization bid

June 16, 2025 (MLN): In a significant corporate development, Fauji Fertilizer Company Limited (PSX: FFC) has decided to explore the potential acquisition of shares in Pakistan International Airlines Corporation Limited (PIACL), the country’s national flag carrier.

According to an official disclosure submitted to the Pakistan Stock Exchange (PSX) following its 234th Board of Directors meeting, FFC's board approved the submission of an Expression of Interest (EOI) and prequalification documents to the Privatisation Commission.

The move is aligned with the government's ongoing divestment process of national assets.

The company further revealed plans to undertake a comprehensive due diligence exercise to assess the potential transaction's strategic and financial viability.

PIACL commanded the largest share in the domestic aviation market with a 19% stake and a fleet of 34 aircraft. As part of a major restructuring initiative last year, the government transferred net liabilities totaling Rs654 billion along with non-core assets to the newly formed PIA Holding Company Ltd., effectively making PIACL a leaner, debt-light entity.

Impressively, the airline posted a positive EBITDA in calendar year 2024 and reported an equity value of Rs3.6bn by the end of December 2024.

During the previous privatisation round, the Privatisation Commission had set a floor price of Rs85 billion.

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