Latest news with #ofQualification
Business Recorder
7 days ago
- Business
- Business Recorder
Arif Habib consortium: Fatima Fertilizer says submited EOI for PIACL
Fatima Fertilizer Company Limited (FATIMA) has submitted an Expression of Interest (EOI) and Statement of Qualification (SOQ) to the Privatisation Commission of Pakistan (PC) for participation in the privatisation process of Pakistan International Airlines Corporation Limited (PIACL). FATIMA submitted the EOI as a member of the consortium led by Arif Habib Corporation Limited (AHCL). This was announced by FATIMA and AHCL in separate notices to the Pakistan Stock Exchange (PSX) today. As per a notification issued by the PC, FATIMA, AHCL, City Schools (Private) Limited, and Lake City Holdings (Private) Limited, were pre-qualified to participate in the bidding process, said the notice by FATIMA. 'The pre-qualified parties will now proceed to the buy-side due diligence phase, a key step in the competitive and transparent privatisation process of PIACL,' the company said. The notice further said that the consortium's continued participation in the process will be contingent upon the outcome of the due diligence exercise and subsequent guidance from our Board of Directors. The government plans to offer PIA's equity stake through a competitive bidding process. Pakistan has been seeking to sell a 51%-100% stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.
Business Recorder
7 days ago
- Business
- Business Recorder
Fatima Fertilizer, Arif Habib consortium submits EOI for PIACL
Fatima Fertilizer Company Limited (FATIMA) has submitted an Expression of Interest (EOI) and Statement of Qualification (SOQ) to the Privatisation Commission of Pakistan (PC) for participation in the privatisation process of Pakistan International Airlines Corporation Limited (PIACL). FATIMA submitted the EOI as a member of the consortium led by Arif Habib Corporation Limited (AHCL). This was announced by FATIMA and AHCL in separate notices to the Pakistan Stock Exchange (PSX) today. As per a notification issued by the PC, FATIMA, AHCL, City Schools (Private) Limited, and Lake City Holdings (Private) Limited, were pre-qualified to participate in the bidding process, said the notice by FATIMA. 'The pre-qualified parties will now proceed to the buy-side due diligence phase, a key step in the competitive and transparent privatisation process of PIACL,' the company said. The notice further said that the consortium's continued participation in the process will be contingent upon the outcome of the due diligence exercise and subsequent guidance from our Board of Directors. The government plans to offer PIA's equity stake through a competitive bidding process. Pakistan has been seeking to sell a 51%-100% stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.
Business Recorder
09-07-2025
- Business
- Business Recorder
Privatisation agenda makes progress
ISLAMABAD: In a significant advancement of the government's privatisation agenda, two major decisions were taken Tuesday by the Privatisation Commission Board and the Cabinet Committee on Privatisation (CCoP), marking steady progress in key strategic transactions. 1- Prequalification of Investors for Pakistan International Airlines (PIA): The Privatisation Commission (PC) Board, in its 237th meeting held under the chairmanship of Adviser to the Prime Minister on Privatisation and Chairman, Privatisation Commission, Muhammad Ali, approved the prequalification of four interested parties for the divestment of Pakistan International Airlines Corporation Limited (PIACL). The Board reviewed the recommendations of the Prequalification Committee based on the evaluation of Statements of Qualification (SOQs) submitted by five prospective investors, in line with technical, financial, and documentary requirements defined in the Request for Statement of Qualification (RSOQ). Following a thorough scrutiny, the following four Interested Parties have been pre-qualified: PIA privatisation: EoIs due today for up to 100% stake Consortium comprising Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited. Consortium comprising Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, City Schools (Private) Limited, and Lake City Holdings (Private) Limited Fauji Fertilizer Company Limited Air Blue (Private) Limited The pre-qualified parties will now proceed to the buy-side due diligence phase - a critical next step in the transparent and competitive privatisation process of PIACL. 2- Roosevelt Hotel Transaction Structure Approved: In another major development, the Cabinet Committee on Privatisation (CCoP) today approved the transaction structure for the Roosevelt Hotel, New York, as proposed by the Privatisation Commission Board.
Express Tribune
08-07-2025
- Business
- Express Tribune
Cement makers in race to buy PIA
PIA's bidding is expected to take place in the last quarter (October-December) of the current calendar year, said Muhammad Ali, Adviser to the Prime Minister on Privatisation. photo: file Listen to article The Privatisation Commission board on Tuesday declared four local parties, including three associated with cement business, eligible for bidding for the acquisition of Pakistan International Airlines (PIA), inching a step closer to the sale of the loss-making entity. In a related development, the Cabinet Committee on Privatisation (CCOP) approved the transaction structure for the disposal of Roosevelt Hotel, New York, which is owned by PIA. The committee picked the option of running the hotel as a joint venture, which had been suggested by the financial adviser a year ago but was ignored by the government. Deputy Prime Minister Ishaq Dar chaired the CCOP meeting. The Privatisation Commission board met under the chairmanship of Adviser to the Prime Minister on Privatisation Muhammad Ali. It approved the pre-qualification of four interested parties for the divestment of Pakistan International Airlines Corporation Limited (PIACL), according to a press statement. The board reviewed recommendations of the pre-qualification committee based on the evaluation of Statements of Qualification (SOQs) submitted by five prospective investors, in line with technical, financial and documentary requirements, defined in the Request for Statement of Qualification (RSOQ). The board declared a consortium comprising Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures fit for bidding for PIA. The second consortium comprised Arif Habib Corporation, Fatima Fertiliser Company, City Schools (Private) Limited and Lake City Holdings (Private) Limited. The board also declared Fauji Fertiliser Company fit for bidding for PIA, accepting the entity as a private limited company. It is owned by the Fauji Foundation. Airblue (Private) Limited was the only entity that had been declared fit for bidding and was running an airline business. The Privatisation Commission said that the pre-qualified parties would now proceed to the buy-side due diligence phase – a critical step in the transparent and competitive privatisation process. A consortium of Augment Securities & Investments, Serene Air, Bahria Foundation, Mega C&S Holding and Equitas Capital LLC could not qualify for bidding. The government wants to sell majority shares in PIA along with management control. During the last attempt, the government had set the minimum price at Rs85.03 billion with a Rs45 billion negative balance sheet. Now, the government has taken out more debt from the balance sheet, which should positively impact the minimum price. PIA's bidding is expected to take place in the last quarter (October-December) of the current calendar year, said Muhammad Ali, Adviser to the Prime Minister on Privatisation. The Privatisation Commission had invited Expressions of Interest (EOIs) for divestment of 51-100% share capital of PIACL together with management control. It is the second attempt to privatise the airline after the first bid failed last year. The commission said that the CCOP on Tuesday approved the transaction structure for Roosevelt Hotel, New York, as proposed by the Privatisation Commission board. Out of the three options evaluated by the financial adviser – outright sale, joint venture with multiple options and long-term lease – the joint venture model with multiple options has been approved by the CCOP, according to the announcement. This option is aimed at maximising long-term value for the country, while ensuring flexibility, multiple exit opportunities and minimising future fiscal exposure, it added. These decisions reflect the government's strong commitment to advancing its economic reform and privatisation agenda in a transparent, market-driven and investor-friendly manner, said the commission. Pakistan hired Jones Lang LaSalle Americas as the financial adviser with a fee of Rs2.2 billion. According to its report on the transaction structure, Pakistan will not need to pay any additional money for a joint venture, as its contribution will come in the form of the hotel's land value. "Based on pre-marketing, due diligence and analysis of the options, the joint venture structure nets the highest value for the government of Pakistan," the adviser stated in its report. In the joint venture scenario, the government will contribute the entire land value to a joint venture partner. The land value will be calculated based on its full potential, including the 32-storey building. A contribution agreement will be signed immediately, with the joint venture agreement to follow in 2027. The development partner will make two initial deposits. "This option has the highest risk with the highest net proceeds to Pakistan," the adviser remarked in the report submitted last year.
Business Recorder
25-06-2025
- Business
- Business Recorder
PIACL sell-off: Parties' disqualification purely procedural: PC
ISLAMABAD: The Privatisation Commission on 19th June 2025 formally announced the list of all interested parties who submitted Expressions of Interest (EOIs) and Statements of Qualification (SOQs) in accordance with the prescribed process. The announced list includes a consortium featuring two foreign entities, thereby clearly establishing the participation of international investors in the process. Three parties did not submit their SOQs by the specified deadline of 19th June 2025, rendering them ineligible as per the established criteria. Their disqualification was purely procedural and automatic, with no role or discretion exercised by the Privatisation Commission. PIACL shares along with management control: Eight potential buyers submit EOIs to PC Additionally, while a group of PIACL employees expressed interest via email, they did not fulfill the formal requirements for submission of an EOI. Despite the extension provided for EOI submissions, they did not formally participate in the process and, therefore, could not be considered. The Privatisation Commission remains committed to conducting a transparent, competitive, and rules-based privatisation process in the national interest. Misleading reports such as these not only misinform the public but also risk undermining investor confidence. Copyright Business Recorder, 2025
