Govt transfers 11 PIA properties worth Rs14.2bn to buyers

The government has transferred 11 properties valued at Rs14.2 billion, including seven located abroad, to the new buyers of Pakistan International Airlines (PIA), the Senate Standing Committee on Privatisation was informed on Tuesday.

Privatisation Secretary Usman Bajwa told the committee that the properties were transferred as part of the PIA privatisation transaction. The government has completed the divestment of 75% shares of PIACL, while the transfer of the remaining 25% shares and payment of the remaining Rs45 billion are pending under the sale agreement.

According to the Privatisation Commission, the transferred assets include four properties in Pakistan and seven overseas properties located in India, the Netherlands, Uzbekistan and the United States. Bajwa said the remaining 33 properties remain with the PIA Holding Company.

The local properties include the PIA Booking Office on Mall Road in Rawalpindi, valued at Rs2.3 billion; the PIA Sales Office on Arbab Road in Peshawar, valued at Rs5.1 billion; the PIA Sales Office on Jinnah Avenue in Islamabad’s Blue Area, valued at Rs2.4 billion; and the PIA Sales Office Building in Quetta Cantonment, valued at Rs837.4 million.

The overseas assets include a flat in Mumbai and two floors in New Delhi, three properties in Amsterdam, one property in Tashkent, and a residence in Scarsdale, New York, valued at $1.7 million.