Fauji Fertilizer Company (PSX:FFC) has revealed the transaction structure for the purchase of Pakistan International Airlines (PIA).

FFC revealed this information in its corporate briefing session held on 16 March, 2026.

A special purpose vehicle (SPV) has been incorporated, named PIA Equity (Pvt) Ltd, to acquire and hold 100% of PIACL.
A consortium comprising of Fauji Fertilizer Company, Arif Habib Corp., Fatima Group, AKD Group, Lake City Holdings, and The City School have acquired stake in the Special Purpose Vehicle (SPV) formed.

FFC owns around 34% of the SPV i.e PIA Equity (Pvt) Ltd.

The transaction structure invloves a total amount of Rs 185 Bln for acquisition of 100% of the state owned carrier.
The transaction will be executed in three phases. First Phase will be completed in April-May 2026, Second phase in April-May 2027, and third phase is a call option for the SPV, also to be completed in April-May 2027.

FFC will contribute around Rs 67 Bln for the three phases of acquisition.