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, 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.
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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:
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.
In Sindh, PIA has set 8 properties for valuation. Out of these, 6 are located in Karachi.
These properties include
In Punjab, 4 properties have been set for valuation. These include:
In the North zone, PIA has set 8 properties for revaluation:
For the Khyber Pakhtunkhwa zone, 6 properties have been put on valuation:
In Baluchistan Zone, 4 properties have been set for valuation: