PIA shares not up for sale: Rafique

Federal Minister for Aviation and Railways, Khwaja Saad Rafique has said that the government does not intend to sell or offer any stakes of the national flag-carrier, Pakistan International Airlines (PIA), to anyone. He further stated that the rumours of selling one of PIA’s prime properties in New York, the Roosevelt Hotel are also not true. Instead, the government is looking to reopen the hotel, following the best international practices to make it a successful and revenue generating property. “We are working hard to bring PIA back on track. This needs a lot of hard work, planning and increase in the operational fleet,” said Rafique during a press conference on Monday. He added that the government should have a limited role in operating PIA and its assets. “We have to follow the global model of operating the airline, and its assets, which include airports and other properties like the Roosevelt Hotel. Restoring and managing the hotel is a costly project and we will ultimately have to pursue it through a joint venture. We have already recommended this in a Cabinet meeting,” explained the minister. He added that “currently, PIA is overstaffed but we are not considering any layoffs at this point as we are a third world country. This labour force will be adjusted once the PIA fleet crosses 40 aircrafts.” “PIA earned Rs50 billion in this quarter and is doing fine. We have set a revenue target of Rs138 billion for the airline for this fiscal year but are hopeful to collect a revenue of over Rs155 billion,” said Rafique.