The government has handed over 11 Pakistan International Airlines (PIA) properties worth Rs14.2 billion to the airline’s new owners as part of the first phase of its privatization, the Senate Standing Committee on Privatization was told on Tuesday.
As per the details shared by Privatization Secretary Usman Bajwa with the committee, out of 44 properties, 33 have been retained by the PIA Holding Company. As far as the transferred properties are concerned, the buyer took control of overseas properties, located in India, the Netherlands, Uzbekistan and the United States, while the domestic assets are situated in Rawalpindi, Peshawar, Islamabad and Quetta.
The committee was informed that the government completed the transfer of 75% of PIA’s shares on June 29, 2026, handing over management control to the new owners.
It is worth mentioning that the buyers paid Rs10 billion to the government as the initial sale proceeds.
Under the sale agreement, the consortium has committed to invest an additional Rs45 billion within one year and has expressed its intention to acquire the remaining 25% stake through a call option, subject to the agreement’s terms.
Bajwa also told the committee that several US-based banks have shown interest in acquiring New York’s Roosevelt Hotel, although a final decision on its privatization is yet to be made.
