PIA May Sell Roosevelt Hotel, Other Assets to Reduce Debt
Pakistan International Airlines (PIA) Holding Company may sell several domestic and overseas assets to help reduce its outstanding liabilities, according to documents from the Privatization Commission.
Following the transfer of 11 properties to the consortium that acquired a 75% stake in Pakistan International Airlines Corporation Limited (PIACL), the PIA Holding Company retains ownership of 36 properties located in Pakistan, the United States, and France.
The remaining portfolio includes high-value international assets such as the Roosevelt Hotel in New York and the Scribe Hotel in Paris, along with sales offices, warehouses, a farmhouse, a housing colony, and hundreds of acres of land.
According to the Privatization Commission documents, seven of the retained properties were transferred to the PIA Holding Company through a gazette notification. These assets include an open plot in Islamabad, a sports complex, and a football ground in Karachi.
Officials indicated that the retained properties could be monetized to help settle the Holding Company’s outstanding debt and financial obligations.
The documents also state that the federal government plans to complete the sale of its remaining 25% stake in PIACL during the current fiscal year. The transaction is expected to generate approximately Rs45 billion in additional proceeds for the national exchequer.
The planned asset monetization and completion of the privatisation process form part of the government’s broader strategy to strengthen PIA’s financial position while reducing the fiscal burden associated with the national carrier.
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