The government has transferred 11 Pakistan International Airlines (PIA) properties worth Rs14.2 billion—including seven located overseas—to the airline’s new owners, who are also planning to establish Islamabad as their business hub, the Privatisation Commission said on Tuesday.
The value of the transferred properties exceeds the Rs10 billion initial payment made by the buyers for acquiring a 75% stake in the national carrier. Under the privatisation agreement, the government is selling 100% of PIA for Rs55 billion, although the transfer of the remaining 25% shares and payment of the outstanding Rs45 billion are still pending.
Privatisation Secretary Usman Bajwa shared the details during a meeting of the Senate Standing Committee on Privatisation, which reviewed the privatisation of PIA, the outsourcing of three major airports and the sale of power distribution companies.
Bajwa also informed lawmakers that US-based banks had expressed interest in acquiring the Roosevelt Hotel in New York, although the government’s final strategy regarding the hotel’s privatisation or potential joint venture has yet to be decided.
The Privatisation Commission also disclosed the list of the transferred assets, comprising seven overseas properties located in India, the Netherlands, Uzbekistan and the United States, along with four domestic properties situated in Rawalpindi, Peshawar, Islamabad and Quetta.