KARACHI: The board of directors of Fauji Fertiliser Company Ltd (FFCL) has approved the submission of an expression of interest (EoI) and pre-qualification documents to the Privatisation Commission for acquiring stakes in Pakistan International Airlines Corporation Ltd, along with a comprehensive due diligence process.

FFCL shared this development in a stock filing on Monday.

The 234th board meeting of FFCL was held on June 13, at which the decision to acquire PIA shares was taken.

The government last month extended the deadline to submit EoI for buying PIACL until June 19 from June 3 deadline with all terms and conditions remaining the same.

In a surprising turn of events, the People’s Unity of Pakistan International Airlines employees’ union, which had previously opposed the privatisation of PIA, has now submitted a bid to the Privatisation Commission to acquire shares of PIA and gain management control.

While submitting the EoI, the joint letter, signed by the central president of People’s Unity of PIA Employees, Hadayat Ullah, and president of PIA Senior Staff Association of PIA, states that “our intention is supported by our experience of decades, knowledge of industry practices and allied factors.”

Published in Dawn, June 17th, 2025