Twelve domestic and international properties to be transferred to new PIA owners
A portfolio of 12 domestic and international properties
owned by Pakistan International Airlines (PIA) is set to be transferred to new
owners as part of the federal government’s ongoing privatization and
restructuring program for the national carrier.
The move forms part of broader efforts to streamline
PIA’s operations, reduce its financial liabilities, and make the airline more
attractive to prospective investors ahead of the privatization process.
The asset portfolio includes several high-value commercial
and residential properties located in Pakistan as well as overseas holdings in
the United States, India, and the Netherlands.
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Among the international assets, PIA’s residential
property in the United States has been valued at approximately $1.94 million. In the Netherlands,
the airline’s Amsterdam sales office carries an estimated value of €2.11 million, while the residence
designated for the country manager has been valued at €767,000.
In India, PIA’s residential property has been assessed
at Rs112.5 million,
while its New Delhi sales office is valued at more than Rs121.9 million.
The domestic portfolio includes some of the airline’s
most significant commercial real estate holdings. PIA’s Islamabad sales office
has been valued at Rs2.68 billion,
while its Rawalpindi booking office is estimated at Rs2.55 billion.
The airline’s Peshawar sales office is among the most
valuable assets in the package, with an assessed value of Rs5.56 billion. Meanwhile, the
Quetta sales office has been valued at approximately Rs916 million.
Officials familiar with the privatization process said
the transfer of these assets is intended to support the government’s strategy
of separating non-core holdings from the airline’s operational structure and
maximizing value during the divestment process.
The privatization of PIA remains a key component of
Pakistan’s economic reform agenda, with authorities seeking to reduce the
financial burden of loss-making state-owned enterprises while attracting
private-sector investment into the aviation sector.
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The government has been undertaking a series of
restructuring measures in recent years, including debt rationalization and
asset evaluation, to prepare the airline for a potential strategic sale.
Further details regarding the timeline and modalities of the property
transfers are expected to emerge as the privatization process advances.
Source:
Pro Pakistani