ISLAMABAD: The Privatisation Commission (PC) Board recommended to the Cabinet Committee on Privatisation (CCoP) approval of 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 meeting was held under the chairmanship of Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman, Privatisation Commission, said a press release.
In accordance with the terms of the Share Purchase and Subscription Agreement (SPSA), FFC was nominated by the AHCL-led consortium, with AHCL serving as the lead member.
The PC Board, after due review, endorsed the nomination and confirmed that FFC fulfils the applicable eligibility and regulatory requirements.
The proposed inclusion of FFC in the consortium is subject to approval by the Cabinet Committee on Privatisation (CCoP) / Federal Cabinet, as required under the applicable framework.
In a separate agenda item, the PC Board also recommended a revision in the fee structure of the Privatisation Commission, to be charged from the proceeds of privatisation transactions.
The proposal aims to enable the Commission to move towards greater financial sustainability and to support its institutional strengthening and reform initiatives.
The PC Board reaffirmed its commitment to implementing the privatisation programme in a transparent, competitive, and rule-based manner to ensure optimal outcomes for the national exchequer.
