PIA to sell properties worth billions

PIA to sell properties worth billions

[image: pia markhor]ISLAMABAD - Pakistan International Airlines (PIA) is looking to sell its properties located in Pakistan. The properties are located in posh areas and are worth billions of rupees.

As part of its sell-off plan, PIA has advertised its intention to hire a valuator who can assess the value of these properties.

According to an announcement on the airline’s official website <link>, PIA wants to revalue 30 properties located at different cities all over Pakistan, including those in Gilgit Biltistan and Azad Kashmir. These properties include constructed buildings, offices, and open land.

For the valuation, the airline is looking to hire a valuator approved by the State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP).

Interested valuators can submit their bids before 28 November, 2018.

PIA says that the most competitively lowest bidder will be asked to give their estimated market values of these properties. The qualifying valuator will be given details about PIA’s properties city wise and will be asked for an assessment.

The revaluation of properties will be carried out under these conditions:

- Separate market values for each of the property will be obtained. - Valuation will be given with pictures of the property. - The value of the property will be carried out separately land and construction wise. - Details of construction must be mentioned in the form of RCC structure or other. - Details of the adjacent buildings should be mentioned. - The purpose of valuation is to know the market price of its assets.

An informed source told ProPakistani that PIA is looking to sell these properties worth billions of rupees to fulfill its financial obligations, or to mortgage these properties to banks for further loans.

Due to accounting standards, the value of assets has depreciated with each passing year. In PIA’s accounts, these properties’ have been valued at almost zero, however, on ground, their values have actually appreciated.