KARACHI: Pakistan’s Privatization Commission on Tuesday recommended the inclusion of a military-linked fertilizer company in the consortium led by Arif Habib Corporation Limited, the successful bidder for a majority stake in Pakistan International Airlines (PIA), as the government advances long-delayed reforms of state-owned enterprises.
The development is part of Pakistan’s broader privatization push under its $7 billion International Monetary Fund (IMF) Extended Fund Facility approved in September 2024, which requires restructuring and divestment of loss-making state-owned enterprises. PIA has accumulated significant losses over the years and remains a financial burden on the national exchequer.
In December, a consortium headed by the Arif Habib Corporation emerged as the top bidder for a 75 percent stake in Pakistan International Airlines in a breakthrough for the government’s long-delayed privatization of the carrier. The consortium entered a 135 billion Pakistani rupee ($482.32 million) bid, topping the offer of a rival group led by Lucky Cement in an intense back and forth that was broadcast live on television.
The Privatization Commission on Tuesday endorsed the nomination of Fauji Fertilizer Company Limited (FFC) to join the consortium led by Arif Habib.
