ISLAMABAD – The ailing national flag carrier airline excepted an injection of $ 700 million by selling at least two of its international properties in New York and Paris.
The privatization guru of Prime Minister Nawaz Sharif – Mohammad Zubair – claimed that the sale of Roosevelt Hotel New York and Hotel Scribe Paris are likely to be sold out within nice months.
However, he maintained that the money raised by selling both the assets will be used to clear Pakistan International Airline (PIA)’s debt, which currently stands at Rs191 billion (about $2 billion).
“My assessment is that if we sell 50% of shares, the airline will become profitable from day one after privatization,” he said.
However, the Pakistan Muslim League-Nawaz (PML-N) government, earlier, had decided to only sale as many as 26 per cent of PIA’s shares.