ISLAMABAD: The federal government has transferred 11 properties of Pakistan International Airlines (PIA), valued at Rs14.2 billion, to the consortium that acquired a 75% stake and management control of Pakistan International Airlines Corporation Limited (PIACL) as part of the airline’s privatisation process.
According to officials, the transferred assets form part of a portfolio of 44 PIA properties. The remaining 33 properties have been retained by the PIA Holding Company.
Briefing the Senate Standing Committee on Privatisation, Privatisation Secretary Usman Bajwa said the value of the transferred assets exceeds the Rs10 billion paid by the consortium at the first closing of the transaction by approximately Rs4.2 billion.
The four domestic properties included in the transfer are the PIA Booking Office on Mall Road in Rawalpindi, the Peshawar Sales Office on Arbab Road, the PIA Sales Office on Jinnah Avenue in Islamabad’s Blue Area, and the Quetta Sales Office building on Shahrah-e-Hali. Together, these assets are valued at more than Rs10.6 billion.
The agreement also includes seven overseas properties. These comprise two assets in India, including a residential apartment in Mumbai and commercial office space in New Delhi, along with three properties in Amsterdam. The transferred portfolio also includes a property in Tashkent and a residential property in Scarsdale, New York, valued at approximately $1.7 million.
During the committee meeting, chaired by Senator Afnan Ullah Khan, Bajwa said PIA’s new management intends to establish Islamabad as the airline’s primary operational hub.
The government completed the sale of its 75% stake in PIACL on June 29, 2026, officially transferring management control to the buyer. As part of the agreement, the consortium has also committed Rs80 billion in fresh equity to support fleet expansion, aircraft modernisation, route development, operational improvements, and enhanced customer services.
Under the terms of the privatisation agreement, the consortium has also expressed its intention to acquire the government’s remaining 25% stake in the airline within 12 months of the initial transaction.
