The Privatization Commission Board, in its 249th meeting on Tuesday, recommended the Cabinet Committee on Privatization (CCoP) approve the inclusion of Fauji Fertilizer Company Limited (FFC) in the consortium led by Arif Habib Corporation Limited (AHCL), the successful bidder for Pakistan International Airlines Corporation Limited (PIACL).
The AHCL-led consortium nominated FFC in accordance with the terms of the Share Purchase and Subscription Agreement (SPSA). The Board, per a statement, endorsed the nomination after due scrutiny and review. It also confirmed that FFC fulfils the applicable eligibility and regulatory requirements.
The proposed inclusion of FFC in the consortium is now subject to approval by the CCoP, as required under the applicable framework.
Also on Tuesday, the Privatization Commission Board recommended a revision in the fee structure of the Privatization Commission, to be charged from the proceeds of privatization transactions. The proposal aims to enable the Commission to move towards greater financial sustainability and to support its institutional strengthening and reform initiatives.
The Board reaffirmed its commitment to implementing the privatization program in a transparent, competitive, and rule-based manner to ensure optimal outcomes for the national exchequer.